If you read the original bet and discussion carefully, what Buffett really bet against was the fees. It’s a very important detail in the original bet that the r

If you read the original bet and discussion carefully, what Buffett really bet against was the fees. It’s a very important detail in the original bet that the returns would be compared net of fees. His argument was not that active management was doomed to fail, but rather that active management is usually not worth what you pay hedge fund managers to do it.