Any way you slice it, it was a big bet.
I’m talking about the legendary wager Warren Buffett made with hedge fund manager Ted Siedes a decade ago.
You may recall this $500,000 gamble. It went like this: if hedge funds could beat the S&P 500 over a decade, Siedes would win. If not, Buffett would win.
The result: the index crushed the funds Siedes chose, prompting him to concede defeat last May.
He went down fighting, though, writing that it was the hedge funds’ global focus that caused them to underperform, not the prevailing “wisdom” that stock picking is little more than gambling.…