Nine years ago, Warren Buffett laid down a bet on longbets.com. In that bet, he laid down a challenge to the Hedge Fund industry: that any amateur investor would be better off putting their money in a low-cost index fund, than placing it with high-fee charging hedge funds.

So there was an update on the progress of this bet in Warren Buffett’s latest letter to Berkshire Hathaway shareholders, which I want to write about. But before I get around to writing that post, here’s an infographic explaining Hedge Funds from Business Insider:

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