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VOL. 42 | NO. 7 | Friday, February 16, 2018

Buffett wins 10-year, $1M bet with hedge fund managers

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OMAHA, Neb. (AP) — Ten years ago, Omaha billionaire Warren Buffett was so sure that his chosen S&P 500 stock index fund would outperform a collection of hedge funds that he made a $1 million bet over it.

The Oracle of Omaha won.

On Friday, a couple of money managers with Protégé Partners LLC were in Omaha to pay up. More than $2 million is now going to Girls Inc. of Omaha.

The Omaha World-Herald reports that Girls Inc. will invest the money and use the income to support a new residential program for young women leaving foster care. The facility is due to open next year in a former convent. Its name: Protégé House.

Had Protégé won, it would have donated the money to Absolute Returns for Kids, a British nonprofit.

Buffett's fund gained 94 percent over 10 years. Protégé's selected funds gained 24 percent.

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