Introduction
In a previous Mathematical Investor blog, we presented data on hedge fund performance, covering the 28-year period from 1990 through August 2018. We found that while the HFRI Fund Weighted Composite Index (HFRI FWI) has nearly identical long-term performance growth as the S&P 500 index, the past eight years or so have not been favorable to the hedge funds. Indeed, some of the leading hedge funds have suffered the largest losses.
Along this line, we noted that Warren Buffett recently won his ten-year bet with a hedge fund manager — an S&P 500 index fund bested a basket of
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