Buffett wins $1m hedge fund performance bet

Donates proceeds to charity

Warren Buffett has won a decade-long $1m bet that a basket of selected hedge funds would fail to outperform the S&P 500 index over a ten-year period.

The CEO and chairman of Berkshire Hathaway, who made the bet with Protégé Partners in 2007, has donated his winnings to Girls Inc of Omaha, Nebraska, a non-profit organisation empowering young women, which he has long supported. Buffett's S&P 500 index fund compounded a 7.1% annual gain over the decade, surpassing an average gain of 2.2% by the basket of funds selected by Protégé Partners, according to Business Insider. Warren Buffett: Billions being 'wasted' on active management fees The bet saw each party initially put $320,000 into a zero-coupon Treasury bond, which they estimat...