[aczerepinski]

Neither mutual funds nor hedge funds as a whole can match a low fee index like Vanguard. Of course there are individual outliers that outperform, but predicting which funds will win in the future is no easier than picking individual securities that will win in the future.

It's becoming pretty clear that Buffett will win his 10-year bet that the Vanguard would beat what Protege Partners thought were the five best hedge funds.

http://www.cnbc.com/2016/02/16/warren-buffett-slips-but-stil...

How many hundreds of millions will those five funds have earned for themselves while not beating the market?