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1ould beat a fund of hedge funds \u2014 and won. Here are three free lessons individual investors can take from it. "),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(34,"nav",22),o.\u0275\u0275elementStart(35,"h2"),o.\u0275\u0275text(36,"Table of Contents"),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(37,"ol"),o.\u0275\u0275elementStart(38,"li"),o.\u0275\u0275elementStart(39,"span",23),o.\u0275\u0275listener("click",function(){return t.scrollTo("S2")})("keydown.enter",function(){return t.scrollTo("S2")})("keydown.space",function(e){return e.preventDefault(),t.scrollTo("S2")}),o.\u0275\u0275text(40,"The Bet That Beat the Hedge Funds"),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(41,"li"),o.\u0275\u0275elementStart(42,"span",23),o.\u0275\u0275listener("click",function(){return t.scrollTo("S3")})("keydown.enter",function(){return t.scrollTo("S3")})("keydown.space",function(e){return e.preventDefault(),t.scrollTo("S3")}),o.\u0275\u0275text(43,"You Don\u2019t Have to Be Rich to Earn Good Returns"),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(44,"li"),o.\u0275\u0275elementStart(45,"span",23),o.\u0275\u0275listener("click",function(){return t.scrollTo("S4")})("keydown.enter",function(){return t.scrollTo("S4")})("keydown.space",function(e){return e.preventDefault(),t.scrollTo("S4")}),o.\u0275\u0275text(46,"Passive Investing Can Work Magic"),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(47,"li"),o.\u0275\u0275elementStart(48,"span",23),o.\u0275\u0275listener("click",function(){return t.scrollTo("S5")})("keydown.enter",function(){return t.scrollTo("S5")})("keydown.space",function(e){return e.preventDefault(),t.scrollTo("S5")}),o.\u0275\u0275text(49,"Continue Investing in Bad Times"),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(50,"li"),o.\u0275\u0275elementStart(51,"span",23),o.\u0275\u0275listener("click",function(){return t.scrollTo("S6")})("keydown.enter",function(){return t.scrollTo("S6")})("keydown.space",function(e){return e.preventDefault(),t.scrollTo("S6")}),o.\u0275\u0275text(52,"FAQs"),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(53,"h2",24),o.\u0275\u0275elementStart(54,"span",25),o.\u0275\u0275elementStart(55,"span",26),o.\u0275\u0275text(56,"1"),o.\u0275\u0275elementEnd(),o.\u0275\u0275text(57," The Bet That Beat the Hedge Funds"),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(58,"p"),o.\u0275\u0275text(59," Ten years ago, Warren Buffett challenged any investor to select a fund of hedge funds that would beat the Standard & Poor\u2019s 500 index over the next decade. The billionaire super investor\u2019s aim was to prove anew that money invested passively in an index fund can beat actively managed money, after factoring in all the management fees. "),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(60,"p"),o.\u0275\u0275text(61," The guy who took him up on the bet conceded defeat this spring. That\u2019s a powerful \u2014 and free \u2014 lesson for individual investors and a reminder that not all the perks go to those who can afford to invest in a hedge fund. "),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(62,"p"),o.\u0275\u0275text(63," Buffett wagered with investment manager Ted Seides, who selected a fund of hedge funds. Until year-end 2016, Seides\u2019 fund earned an estimated 22% after management fees, compared with 85% for the S&P 500 index. For Seides, management fees ate up an estimated 60% of the gross return, suggesting that he was able to earn about 55% before fees were extracted. "),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(64,"p"),o.\u0275\u0275text(65," Not only did the index beat the fund of hedge funds on an after-fee basis, it also thrashed it on a pre-fee basis. And fees mounted; the bet stipulated that Seides had to select a fund of hedge funds, meaning two layers of management fees. All these fees turned Seides\u2019 decent pre-fee performance into lackluster returns. "),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(66,"p"),o.\u0275\u0275text(67," Recently, Buffett indicated that he would be interested in repeating the bet. One investment manager leaped at the prospect, but the 87-year-old Buffett recanted shortly thereafter, citing his age when the bet would expire in 10 years. Still, the CEO of Berkshire Hathaway noted, \u201cThere\u2019s no doubt in my mind, however, that the S&P 500 will do better than the great majority of professional managers achieve for their clients after fees,\u201d according to a CNBC report. "),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(68,"p"),o.\u0275\u0275text(69," One of Buffett\u2019s goals with his bet was to teach individual investors a few things about the stock market and how to make money. The so-called \u201cOracle of Omaha\u201d has long been a font of wisdom, and here are three things that investors should take away from Buffett\u2019s bet. "),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(70,"h2",27),o.\u
10275\u0275elementStart(71,"span",25),o.\u0275\u0275elementStart(72,"span",26),o.\u0275\u0275text(73,"2"),o.\u0275\u0275elementEnd(),o.\u0275\u0275text(74," You Don\u2019t Have to Be Rich to Earn Good Returns"),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(75,"p"),o.\u0275\u0275text(76," Everyone who is able to invest has the ability to invest in a low-cost index fund. The expense ratios on exchange-traded funds and mutual funds that track the S&P 500 index are low, and the fees have become even cheaper in recent years, often below 0.1% per year. They compare well with hedge funds \u2014 what Buffett calls the \u201ctwo and 20 crowd\u201d \u2014 which typically take 2% of your invested assets every year regardless of how the fund performs and 20% of the profits if it does well. In other words, hedge funds offer pricey advice, but they usually underperform an index fund that individuals could find for cheap. "),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(77,"h2",28),o.\u0275\u0275elementStart(78,"span",25),o.\u0275\u0275elementStart(79,"span",26),o.\u0275\u0275text(80,"3"),o.\u0275\u0275elementEnd(),o.\u0275\u0275text(81," Passive Investing Can Work Magic"),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(82,"p"),o.\u0275\u0275text(83," Part of the secret of Buffett\u2019s bet is that he\u2019s effectively a passive investor in the index fund, buying at the start of the bet and then holding through the 10 years. He\u2019s not actively trading \u2014 which has been shown to severely hurt returns \u2014 and that gives him an advantage over those who are trading in and out of the market every day, trying to time their purchases. "),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(84,"p"),o.\u0275\u0275text(85," Research shows that passive investing beats 83% to 95% of active managers in any given year. That\u2019s a huge win for individual investors who can simply and easily beat professionals using funds. "),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(86,"h2",29),o.\u0275\u0275elementStart(87,"span",25),o.\u0275\u0275elementStart(88,"span",26),o.\u0275\u0275text(89,"4"),o.\u0275\u0275elementEnd(),o.\u0275\u0275text(90," Continue Investing in Bad Times"),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(91,"p"),o.\u0275\u0275text(92," Buffett started his bet near a record high point in the market in 2007, right before the economy crumbled and the financial crisis hit. Still, the S&P 500 index handily beat the fund of hedge funds. Now, consider if Buffett had been buying stock as the market fell and adding to his position when stocks were cheap. He would have crushed the professionals merely by adding money at regular intervals. "),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(93,"p"),o.\u0275\u0275text(94," That strategy wasn\u2019t allowed under the terms of the bet, but that doesn\u2019t prevent individual investors from using it. That lets you take advantage of the power of dollar-cost averaging, buying into the market at regular intervals and using a market downturn as an opportunity to buy stock more cheaply. "),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(95,"p"),o.\u0275\u0275text(96," Like Buffett\u2019s simple plan for individual investors? It\u2019s easy to get started investing in passive funds like the ones Buffett used and learn how to outsmart high-priced investment managers at a low cost. "),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(97,"p"),o.\u0275\u0275text(98," James Royal is a writer at NerdWallet. Email: "),o.\u0275\u0275elementStart(99,"a",30),o.\u0275\u0275text(100,"[email protected]"),o.\u0275\u0275elementEnd(),o.\u0275\u0275text(101,". The article 3 Free Investing Lessons From Buffett\u2019s Big Bet originally appeared on NerdWallet. "),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(102,"div",31),o.\u0275\u0275elementStart(103,"span"),o.\u0275\u0275text(104,"Share:"),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(105,"a",32),o.\u0275\u0275namespaceSVG(),o.\u0275\u0275elementStart(106,"svg",33),o.\u0275\u0275element(107,"path",34),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275namespaceHTML(),o.\u
10275\u0275elementStart(108,"a",35),o.\u0275\u0275namespaceSVG(),o.\u0275\u0275elementStart(109,"svg",33),o.\u0275\u0275element(110,"path",36),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275namespaceHTML(),o.\u0275\u0275elementStart(111,"a",37),o.\u0275\u0275namespaceSVG(),o.\u0275\u0275elementStart(112,"svg",33),o.\u0275\u0275element(113,"path",38),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275namespaceHTML(),o.\u0275\u0275elementStart(114,"div",39),o.\u0275\u0275elementStart(115,"span",7),o.\u0275\u0275element(116,"img",8),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(117,"div",40),o.\u0275\u0275elementStart(118,"strong"),o.\u0275\u0275text(119,"Billshark"),o.\u0275\u0275elementEnd(),o.\u0275\u0275text(120," \xb7 Bill Negotiation Experts"),o.\u0275\u0275element(121,"br"),o.\u0275\u0275elementStart(122,"span",41),o.\u0275\u0275text(123,"Helping consumers and small businesses stop overpaying on recurring bills."),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(124,"section",42),o.\u0275\u0275elementStart(125,"div",2),o.\u0275\u0275elementStart(126,"div",43),o.\u0275\u0275elementStart(127,"h2",44),o.\u0275\u0275text(128,"Frequently Asked Questions"),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(129,"div",45),o.\u0275\u0275elementStart(130,"details",46),o.\u0275\u0275elementStart(131,"summary"),o.\u0275\u0275elementStart(132,"h3"),o.\u0275\u0275text(133,"What was Warren Buffett\u2019s bet about?"),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(134,"p"),o.\u0275\u0275text(135,"Ten years ago, Warren Buffett challenged any investor to pick a fund of hedge funds that would beat the Standard & Poor\u2019s 500 index over the next decade. His aim was to prove that money invested passively in an index fund can beat actively managed money once all the management fees are factored
1in. Investment manager Ted Seides took the bet, and he conceded defeat this spring."),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(136,"details"),o.\u0275\u0275elementStart(137,"summary"),o.\u0275\u0275elementStart(138,"h3"),o.\u0275\u0275text(139,"How did the index fund perform compared with the fund of hedge funds?"),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(140,"p"),o.\u0275\u0275text(141,"Until year-end 2016, Ted Seides\u2019 fund of hedge funds earned an estimated 22% after management fees, compared with 85% for the S&P 500 index. The index beat the fund of hedge funds on an after-fee basis and even thrashed it on a pre-fee basis. Management fees ate up an estimated 60% of Seides\u2019 gross return, turning decent pre-fee performance into lackluster returns."),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(142,"details"),o.\u0275\u0275elementStart(143,"summary"),o.\u0275\u0275elementStart(144,"h3"),o.\u0275\u0275text(145,"Do you have to be rich to earn good investment returns?"),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(146,"p"),o.\u0275\u0275text(147,"No. Everyone who is able to invest has the ability to invest in a low-cost index fund. The expense ratios on exchange-traded funds and mutual funds that track the S&P 500 index are low, often below 0.1% per year. By contrast, hedge funds \u2014 what Buffett calls the \u201ctwo and 20 crowd\u201d \u2014 typically take 2% of your invested assets each year plus 20% of the profits."),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(148,"details"),o.\u0275\u0275elementStart(149,"summary"),o.\u0275\u0275elementStart(150,"h3"),o.\u0275\u0275text(151,"Why is passive investing better than active trading?"),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(152,"p"),o.\u0275\u0275text(153,"Buffett was effectively a passive investor, buying at the start of the bet and holding through the 10 years rather than actively trading, which has been shown to severely hurt returns. That gives an advantage over those trading in and out of the market trying to time purchases. Research shows passive investing beats 83% to 95% of active managers in any given year."),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(154,"details"),o.\u0275\u0275elementStart(155,"summary"),o.\u0275\u0275elementStart(156,"h3"),o.\u0275\u0275text(157,"Should you keep investing during a market downturn?"),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(158,"p"),o.\u0275\u0275text(159,"Yes. Buffett started his bet near a record market high in 2007, just before the financial crisis, and the S&P 500 still handily beat the fund of hedge funds. Individual investors can do even better by continuing to add money at regular intervals, using dollar-cost averaging and treating a market downturn as an opportunity to buy stock more cheaply."),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(160,"div",2),o.\u0275\u0275elementStart(161,"section",47),o.\u0275\u0275elementStart(162,"h2",48),o.\u0275\u0275text(163,"Related Blog Posts"),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(164,"div",49),o.\u0275\u0275elementStart(165,"a",50),o.\u0275\u0275elementStart(166,"div",51),o.\u0275\u0275elementStart(167,"span",52),o.\u0275\u0275text(168,"Home Budgeting & Finance"),o.\u0275\u0275elementEnd(),o.\u0275\u0275element(169,"img",53),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(170,"div",54),o.\u0275\u0275elementStart(171,"h3"),o.\u0275\u0275text(172,"Retire at 30: Save $1M on a $55K Salary"),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(173,"span",55),o.\u0275\u0275text(174,"Michel Mora \xb7 Dec 1, 2017 \xb7 9 min read"),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(175,"span",56),o.\u0275\u0275text(176,"Read article "),o.\u0275\u0275elementStart(177,"span",57),o.\u0275\u0275text(178,"\u2192"),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementEnd(),o.\u0275\u0275elementStart(179,"a",50),o.\u
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Line numbers count LF bytes from the start of the resource, as the search results do. Vendor segments are library code the classifier recognised; they are stored but not indexed. Bytes are shown as Latin1 characters, one per byte.