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- In 2007, Warren Buffett entered a million-dollar bet with fund manager Protégé Partners that the S&P 500 would beat a basket of hedge funds over the next decade.
- His S&P 500 index fund compounded a 7.1% annual gain over 10 years, beating an average increase of 2.2% by the basket of funds selected by Protégé Partners.
- The prize money will go to Girls Inc. of Omaha.
- Buffett took issue with hedge funds' high fees and their promise of outperforming the market...