Warren Buffett in 2007 entered a decade-long bet with Protégé Partners that the S&P 500 would outperform a selection of hedge funds.  He won the bet late last year.  In his annual letter to shareholders, Buffett laid out the biggest lessons he learned from the exercise, including a better way to think about portfolio risk. At the end of 2017, Warren Buffett won a million-dollar bet he made against the hedge fund industry. The Berkshire Hathaway CEO had bet with Protégé Partners in...


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