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Billionaire investor Warren Buffet, who is considered by many as one of the living legends said that he is ready for another wager on index funds vs. hedge funds, after winning the last one in a style. In 2008, Warren Buffett, known as ‘Oracle of Omaha’ bet the investment industry at large that a Vanguard index fund that invested in the S&P 500 would outperform any hedge fund over 10 years. A hedge fund manager Ted Seides accepted the bet and put up a group of five hedge funds against the index fund. While the bet doesn't officially end until December, but with the hedge funds averaging just 2.2 percent returns since 2008, compared with more than 7 percent for the index fund, it's been clear for a while that Buffett has won and recently Mr. Seides has accepted his defeat earlier this year. The prize is $1 million, donated to charity.
When asked by CNBC, if Mr. Buffet got lucky with the bet because of the timing of the investment, Mr. Buffet said that timing had nothing to do with it and he is ready for another wager like that if someone is willing to put up a significant percentage of their net worth on the wager. Morgan Creek Capital's founder and chief investment officer, Mark Yusko, accepted Buffet's offer on Tuesday. His firm manages a fund of hedge funds and also does direct and private investments. The size of this fund is about $1.8 billion. In a telephonic interview, he said, “It's an important time in terms of the market cycle. I think it's important to be aware about the propensity of investors to chase hot returns at the peak of the cycle. It is a better time to get hedged."
It is not clear at this point whether the bet would move ahead or not as Mr. Buffet said “significant percentage of their net worth” and Mr. Yusko is ready to accept the exact terms as the previous bet which was a million dollar.
