> From January 1994 to June 2023—through both bull and bear markets—the passive S&P 500 Index outperformed every major hedge fund strategy by over 2.8 percentag

> From January 1994 to June 2023—through both bull and bear markets—the passive S&P 500 Index outperformed every major hedge fund strategy by over 2.8 percentage points in annualized return. https://www.investopedia.com/articles/03/121003.asp https://www.investopedia.com/articles/03/121003.asp Buffet didn't get "really lucky." The likelihood of a hedge fund beating the S&P 500 over a 10 year period is quite low. He would've been really unlucky to lose that bet.