In 2007, Protégé Partners and Warren Buffett made a million dollar bet. Buffett entered the bet because he didn’t like that the hedge fund charges its investors high fees and promises to outperform the market. So the bet was that Protégé’s hedge fund would NOT outperform the S&P 500 Index fund over the ten years to follow.
When it all started, Protégé was allowed to pick a handful of their funds (5 in number) to stand against the S&P 500 Index.
Result -
The Wall Street Journal reported that Protégé Partners’ hand-picked funds gained 2.1% annually during the decade that passed. The S&P 500 outpaced them significantly showing a 7.1% annual gain on average. What a huge win! 🤩
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