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1. He said the fund has beaten out a group of more expensive hedge funds over time.
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2. "Now that may sound like a terrible result for hedge funds, but it's not a terrible result for the hedge fund managers," Buffett said to laughter at the event held in Omaha.
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3. During the financial crisis, Buffett bet the asset management company Protege Partners LLC $1 million that the S&P 500 will outperform a portfolio of hedge funds over the 10 years through 2017.
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4. The index fund is beating hedge funds by nearly 44 percentage points in eight years, Buffett said Saturday.
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5. hedge funds are famous for their price tag - known as "two and 20" - a fee of two percent of the assets they manage each year and 20 percent of all gains.
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6. Buffett said the cost of consulting and management fees, as well as commissions, eat up investment returns for the wealthy individuals, endowment funds and public pensions that use hedge funds.
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7. New York City's largest public pension voted to exit all of its hedge fund investments earlier this month.
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8. The emergence of the derivatives market will strengthen the country's stock market by providing more instruments to hedge and manage risks in a bid to attract more investors.
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