Warren Buffett wagers $1,000,000 on S&P 500
Warren Buffett, the world's richest man, made a bet with some high-falutin' hedge fund managers in NYC that they couldn't outperform the S&P 500 over the next 9 years. USA Today reports that the Oracle of Omaha put in $320,000 of his own money in the wager. I have no idea where the rest of the money ($680,000) will come from… The loser, be it Buffett or hedge fund nerds, must donate $1,000,000 to charity at the end of the contest.
My money is going with Buffett, literally… Every month I put a chunk of my paycheck into VFINX, the index fund that tracks the S&P 500.
Filed under: General on June 10th, 2008
I know you are quite the reader and I would definitely suggest picking up a copy of “The Intelligent Investor” if you haven’t already. It’s a great compilation of valuable investment strategies. Afterall Warren Buffett himself has contributed to the commentary found throughout the book.