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3 Free Investing Lessons From Buffett’s Big Bet

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Ten years ago, Warren Buffett challenged any investor to select a fund of hedge funds that would beat the Standard & Poor’s 500 index over the next decade. The billionaire superinvestor’s aim was to prove anew that money invested passively in an index fund can beat actively managed money, after factoring in all the management fees.

The guy who took him up on the bet conceded defeat this spring. That’s a powerful — and free — lesson for individual investors and a reminder that not all the perks go to those who can afford to invest in a hedge fund.

Buffett wagered with investment manager Ted Seides, who selected a fund of hedge funds. Until year-end 2016, Seides’ fund earned an estimated 22% after management fees, compared with 85% for...

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