Warren Buffett is an investment legend and, according to Wikipedia, the 4th richest person in the world at about $85 billion. He and Bill Gates formed the "Giving Pledge" in 2009 where billionaires pledge to give away at least half of their fortunes. His own pledge is to give away 99% of it.
Sometimes called the "Sage of Omaha," he lives frugally - not grandly - in Nebraska. As just a teenager he started his investing career, and now at 80 years old his advice is sought by people all over the world.
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Back in 2007 he made a famous bet: "that an unmanaged, low-cost S&P-500 index fund would out-perform an actively managed group of high-cost hedge funds over a ten-year period from 2008 to 2017, when performance is measured on a basis net of fees, costs, and all expenses."
An elite firm of experienced, highly incentivized investment managers - "loaded with brains, adrenaline and confidence" - took him up on that bet. The ten-year result delivered what he called an unforeseen investment lesson.
(cont'd tomorrow)
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