Mark Hulbert: Check out this $1 million bet Warren Buffett looks about to win

Don’t count hedge funds out quite yet.

It’s hard not to, of course, given that many — if not most — of them appear to be struggling. The average hedge fund in the HFR database gained just 3.6% in the first half of this year, versus an 8.2% gain for the S&P 500. SPX, +0.20%

Nor is this year’s performance gap unusual. To underscore the point, Berkshire Hathaway BRK.A, -0.14%BRK.B, -0.24% chairman and billionaire investor Warren Buffett is on the verge of winning a $1 million bet he made in 2007 that the S&P 500 would beat a basket of hedge funds over the subsequent decade (through 12/31/2017).

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