[user5994461]

And Warren Buffet was wrong. The hedge fund manager made more money than what the customer would have done in an index fund.

[wpietri]

I'm not following. Buffett won the bet. The portfolio of hedge funds did worse.

If you're saying the hedge fund managers themselves make money, sure. That's Buffett's exact point: they pocket money, but that money isn't going to the customers, which is why the hedge fund portfolio's rate of return ends up lower than the index fund.