On Dec. 19, 2007, Warren Buffett bet that a low-cost index fund built to track the S&P 500 (SNPINDEX:^GSPC) would beat a hand-picked set of hedge funds over the 10 years from the start of 2008 to the end of 2017. It wasn't close. The index fund returned 125.8% in the decade, or around 8.5% a year. The five funds of hedge funds picked against it returned between 2.8% and 87.7%. The bet ended nearly nine years ago. With dividends reinvested, the same type of fund has more than tripled since the end of 2017 -- a bigger gain in under nine years than the bet's winner made in all 10. But I think most of that gap boils down to the year the bet began.
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