<p style=”box-sizing: inherit; list-style: none; color: #404040; font-family: Roboto; font-size: 20px;”>Today’s show is a little different from my ongoing series of conversations with Capital Allocators.  As you probably know, about 9½ years ago I made a bet with a certain Oracle, in Omaha, that pitted the performance of a group of five hedge fund of funds against the S&amp;P 500.</p>
<p style=”box-sizing: inherit; list-style: none; color: #404040; font-family: Roboto; font-size: 20px;”>In this year’s annual letter to Berkshire Hathaway shareholders, Warren wrote extensively about his views. You can find that letter at <a style=”box-sizing: inherit; background-color: transparent; color: #0074db; text-decoration-line: none;” href=”http://www.berkshirehathway.com/letters”>www.berkshirehathway.com/letters</a>.</p>
<p style=”box-sizing: inherit; list-style: none; color: #404040; font-family: Roboto; font-size: 20px;”>I haven’t said a lot about the bet, although fairly often I’m asked how it came about, why I made the bet, what I really think about hedge funds and the market, and of course, who’s winning.</p>
<p style=”box-sizing: inherit; list-style: none; color: #404040; font-family: Roboto; font-size: 20px;”>I thought long and hard about whether to share my views publicly, and had been leaning towards staying out of the limelight.  But my guest on Episode 2 of this podcast, Andre Perold, convinced me that I should share the many other investment lessons the public can learn from this exercise.</p>
<p style=”box-sizing: inherit; list-style: none; color: #404040; font-family: Roboto; font-size: 20px;”>I thought a podcast would be a perfect venue to discuss my thoughts, so I asked my friend Patrick O’Shaughnessy to discuss the bet with me, and that conversation follows.</p>
<p style=”box-sizing: inherit; list-style: none; color: #404040; font-family: Roboto; font-size: 20px;”>Before we dive in, I thought it might help to let you know where to find answers to some of those common questions I’m asked.</p>
<p style=”box-sizing: inherit; list-style: none; color: #404040; font-family: Roboto; font-size: 20px;”>For starters, Carol Loomis, the legendary and recently retired <em style=”box-sizing: inherit;”>Fortune</em> columnist, wrote a wonderful piece called “Buffett’s Big Bet” in 2008 that described in detail how the bet came to pass.  You can find her piece at <a style=”box-sizing: inherit; background-color: transparent; color: #0074db; text-decoration-line: none;” href=”https://www.capitalallocators.com/bet”>www.capitalallocators.com/bet</a>.</p>
<p style=”box-sizing: inherit; list-style: none; color: #404040; font-family: Roboto; font-size: 20px;”>On that same page, you can find links to some of my written thoughts – both at the time of the bet’s inception and two years ago. Next week, I’ll add another link with some concluding thoughts.</p>