Warren Buffett wins $1M bet made 10 years ago

Warren Buffett wins $1M bet made 10 years ago
Posted at 11:49 AM, Jan 03, 2018
and last updated 2018-01-03 08:06:48-05

(CNN) - Warren Buffett has won a million-dollar bet he made a decade ago and a non-profit is benefiting.

Back in 2007, the billionaire investor bet $1 million that an S&P 500 stock index fund would outperform a basket of hedge funds over the course of 10 years.

The Wall Street Journal reports the stock index fund easily beat the hedge funds.

Buffett promised to give the prize money to Girls Inc. of Omaha, NE, which provides programs to inspire girls to be "strong, smart and bold."

And Girls Inc will be getting a lot more than the million originally wagered.

Back in 2012, the bet was modified to include the purchase of Berkshire Hathaway B shares if Buffett won.

Those shares are now worth more than $2 million.

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