Warren Buffett has won a decade-long $1m bet that a basket of selected hedge funds would fail to outperform the S&P 500 index over a ten-year period.
The CEO and chairman of Berkshire Hathaway, who made the bet with Protégé Partners in 2007, has donated his winnings to Girls Inc of Omaha, Nebraska, a non-profit organisation empowering young women, which he has long supported. Buffett's S&P 500 index fund compounded a 7.1% annual gain over the decade, surpassing an average gain of 2.2% by the basket of funds selected by Protégé Partners, according to Business Insider. The bet saw each party initially put $320,000 into a zero-coupon Treasury bond, which they estimated would be worth $1m by 2018, but it was ultimately moved into Berks...
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