CNN Money – We’re three years into Warren Buffett’s 10-year bet with the hedge fund community, and the race has narrowed. For the second year in a row, Buffett’s horse in the contest — an S&P 500 index fund — did better than the average return booked by five funds of hedge funds picked by Protégé Partners LLC, a New York money-management firm.
The Protégé pack, though, built up a big lead in the first year of the bet, the financially torturous 2008, and is still ahead.
