Extracto de la entrevista a Buffett en la universidad de Peking (17 de febrero, 2017)


Q9: About passive managed funds.

A: It has been 9 years since I made a 1 million bet with Protégé Partners, LLC. It is the largest bet on the website Longbets.org.

Over a ten-year period, I predicted that the S&P 500 will outperform a portfolio of hedge funds, when performance is measured on a basis net of fees, costs, and expenses.

2008 was the first year and the market went down a lot. The fund of hedge funds performed better than the index.

9 years later, the fund of hedge funds, invested in 7.200 hedge funds, has had a cumulative return of 22%. The index has yielded 86%. We are in a commanding 64% lead with one year to go.

Jedge fund get rich on fees. Wall Street sells you what you will buy. Hyperactivity is bad, “fees never sleep”


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