In an emailed allegation to CNBC Make It, Buffett’s secretary, Debbie Bosanek, confirmed the tidings of his win. “I checked with Mr. Buffett and he told me that it’s absolutely certain that he purposefulness win the bet, although it won’t be official until January,” she writes. “The money will go to Popsies Inc. and it looks like it will be $2 million or so.”
The pot was originally $1 million, but various years ago the money was put into Berkshire Hathaway stock. That ownership is now worth an estimated $1.7 million.
The name of the hedge funds exclusive by Seides for his side of the bet were not disclosed. The basic terms of the bet are public.
By the end of the bet on Dec. 31, $1 million sank in the funds chosen by Seides would have gained $220,000 in the unaltered time period that Buffett’s low-fee investment would suffer with earned $854,000.
Buffett’s index investment bet is so far ahead of Seides’ that the hedge capitalize manager surrendered the wager in May.
“For all intents and purposes, the game is over. I disoriented,” Seides wrote in the Bloomberg post. Seides gives a multitude of understandings for why he lost, including that “passive investing is all the rage today and the S&P 500 is the most public index.”
The money will now support Girl’s Inc. in its efforts to inspire brood girls to be “strong, smart, and bold” through direct service and advocacy.
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This is an update of a in days of yore published article.