Remember “Buffett’s Big Bet”, in which the noted investor and CEO of Berkshire Hathaway maintained that an S&P 500 index fund would outperform five funds-of-hedge-funds over 10 years? Well, the results for the first lap, the agonizing year of 2008, are finally in, and the funds-of-funds soundly whipped the index. Vanguard’s S&P 500 Admiral shares, the index fund “bought” by Buffett, were down 37 …

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