Billionaire Warren Buffett's argument that high fees hurt investors is getting stronger because his chosen S&P 500 stock index fund is now outperforming a collection of hedge funds in a 10-year bet.
Buffett made the wager in 2008 with the money managers who own Protege Partners LLC.
After gaining 15.96 percent last year, Buffett's index fund now posts a total gain of 8.69 percent. The hedge funds recorded a 2012 gain of 6.46 percent. Over five years, the hedge funds have a 0.13 percent gain.
Fortune magazine reported the latest standings.
The winner will donate at least $1 million to charity. Buffett plans to donate to Girls Inc. of Omaha if he wins. Protege will donate to Absolute Returns for Kids if it wins.