When global stock markets closed at the end of 2017, Warren Buffett strode into the winner’s circle to claim more than $2 million for Girls Inc. of Omaha.

In 2007, Buffett wagered that no investment professional could pick a portfolio of at least 5 hedge funds that would outperform a low-fee S&P 500 index fund over the subsequent decade. (He chose Vanguard 500 Index Fund, the first index mutual fund, introduced by Jack Bogle in 1976.)

Protégé Partners accepted the challenge. At stake was a donation to a charity of the winner’s choice. By the end of 2016, Buffett’s lead had become so sizable that he declared victory.* Protégé Partners conceded. Now it’s official.

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