Buffett bets on the S&P 500 to beat a fund-of-hedge-funds

Master investor Warren Buffett, who has long derided those fees as being way too high, now has made an interesting bet with a firm that runs so-called funds-of-hedge-funds: He’ll beat their net returns over the next decade simply by owning a mutual fund that tracks the Standard & Poor’s 500 index.

Kind of cute.