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Nir Kaissar

Why Ted Seides Really Lost to Warren Buffett

Wagering on hedge funds against the S&P 500 was always going to be a sucker's bet.
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Photographer: Daniel Acker/Bloomberg

Just more than nine years ago, Ted Seides, managing partner of Hidden Brook Investments LLC, bet Warren Buffett $500,000 that five funds of hedge funds would collectively beat the S&P 500 over the next decade.

That 10-year bet is up at the end of the year, but Seides has already conceded. Barring a calamitous meltdown for the S&P 500 between now and December, Buffett will win.