Betting on Buffett
Let’s begin with the news…and then a bet. First, the stock market bounced yesterday…following Friday’s fall. The Dow rose 70 points. The dollar bounced a little too - closing at $1.56 per euro. Gold held steady at $898. And oil gave up $4. Now the bet… Fortune magazine reports that Warren Buffett has bet a hedge fund management business that it will not outperform the S&P 500 over the next 10 years. The firm, Protégé, is in the business of running hedge funds, and has done well. Since 2002, it has made investors 95% on their money - after fees. By comparison the…
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