OMAHA, Nebraska: Billionaire Warren Buffett has wagered roughly $320,000 of his own money that the S&P 500 will outperform a collection of hedge funds.
The bet covers a decade and says that all the fees, costs and expenses must be included.
Buffett's bet with the money managers who own Protege Partners LLC is spelled out on the Long Bets Web site. That group will hold the wager until the bet concludes at the end of 2017.
The specifics of the wager were first reported online Monday by Fortune magazine. The wager is invested in a bond so that the winner will be able to donate $1 million to a charity at the end.
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