He donated his $2.2 million in winnings to the nonprofit Girls Inc. By 2017, the wager-with its increasing pot-saw Buffett’s prediction ring true. Ted Seides, former co-manager of the firm Protege Partners, eventually stepped up and selected hedge funds for the bet.
“What followed was the sound of silence.” “I then sat back and waited expectantly for a parade of fund managers-who could include their own fund as one of the five-to come forth and defend their occupation,” Buffett reminisced in a 2016 letter to Berkshire Hathaway shareholders. His most well-known wager occurred in 2007 when Buffett publicly bet $1 million that the S&P 500 stock index would outperform five hedge funds over ten years. Over the years, the investor has made several wagers, generally in support of teams in his home state or with the goal of educating investors. This isn’t the first time Buffett, 93, has publicly gambled.
