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Seattle Bubble Forum Archive • View topic - Oracle of Omaha Makes Wager

Oracle of Omaha Makes Wager

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Oracle of Omaha Makes Wager

Postby TJ_98370 » Tue Jun 10, 2008 1:17 pm

.


Warren Buffett, a longtime critic of the fees charged by some money managers, has put his own cash on the line — or, at least, a small chunk of it — in an attempt to prove his point.

Fortune.com reports that Mr. Buffett, the legendary value investor who runs Berkshire Hathaway, has entered into a bet with a firm that runs funds of hedge funds over whether or not funds handpicked by experts can beat the S&P 500 index over 10 years.

There is about $640,000 in the kitty, Fortune.com said, half put up by Mr. Buffett and half put up by Protege Partners, the fund-of-hedge-fund manager on the other side of the wager. At the end of the 10 years, the pool is expected to be worth about $1 million, which will go to a charity of the winner's choice.

The bet, which Fortune said hadn't been previously reported, has been in place since Jan. 1 of this year........


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Will a collection of hedge funds, carefully selected by experts, return more to investors over the next 10 years than the S&P 500?

That question is now the subject of a bet between Warren Buffett, the CEO of Berkshire Hathaway, and Protégé Partners LLC, a New York City money management firm that runs funds of hedge funds - in other words, a firm whose existence rests on its ability to put its clients' money into the best hedge funds and keep it out of the underperformers......

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