This story made news when Buffett and Protege made a 10-year bet over which investment would outperform: US stocks (S&P500, made by Buffett) or a select group of hedge fund of funds (not disclosed for some odd reason).
“All of which leaves tortoise and hare gasping alongside each other at the end of four years — and having absolutely nothing to cheer about. Protégé is still a bit ahead. But its funds of funds, on the average, are in the minus column for the period by 5.89%. Admiral shares are down 6.27%.”
The ironic part is that the bet required the funds be placed in escrow, and the Long Now Foundation bought zero coupon bonds which are now up over 40%.
