OMAHA, Neb. (AP) — Ten years ago, Omaha billionaire Warren Buffett was so sure that his chosen S&P 500 stock index fund would outperform a collection of hedge funds that he made a $1 million bet over it.
The Oracle of Omaha won.
On Friday, a couple of money managers with Protege Partners LLC were in Omaha to pay up. More than $2 million is now going to Girls Inc. of Omaha.
The Omaha World-Herald reports that Girls Inc. will invest the money and use the income to support a new residential program for young women leaving foster care. The facility is due to open next year in a former convent. Its name: Protege House.
Had Protege won, it would have donated the money to Absolute Returns for Kids, a British nonprofit.
Buffett's fund gained 94 percent over 10 years. Protege's selected funds gained 24 percent.