Warren Buffett's Million Dollar Bet

A crazy bet by Warren Buffett ten years ago is about to pay a million dollars to a girl's charity in Omaha. It pitched the might of the collective brainpower of hedge funds against a dumb do-nothing strategy of buying the S&P 500 index. This is much more than a bet; it is a vindication of the low-fee passive approach to investing and very bad news for those touting high-cost managed funds.

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