Star investor Warren Buffett is regarded as a luminary in his field, his nose in worthwhile investments is unparalleled. But now there is a serious challenger.
Chinese Sam Ling, entrepreneur and noted Buffett fan, is betting his crypto-currency index will perform better than Buffett’s portfolio.
The student wants to outdo the teacher
It’s been three years since Sam Ling, along with a partner, won the annual charity auction, which will be auctioning off lunch with investor legend Warren Buffett. Ling was worth 2.35 million dollars in lunch with the man he calls his “big idol”. Speaking to CNBC, the Chinese, now CEO of the Supwin Financial Services Group in Guangzhou, China, said: “I have been looking at it for many years and studying its investment strategies, I am a loyal fan”.
Apparently Buffett had one or two tips for Ling at lunch, because he now confidently announces that he can beat the old master in a ten-year bet – with an investment that the 87-year-old star investor is anything but positive about: cryptocurrencies.
Ling shares Buffett’s preference for index funds
It is no surprise that Warren Buffett advises investors on index funds. While he railroads against fund managers who he believes are the only ones making money on such products, he advises investors again and again to lower-cost index funds. And Buffett can back this up with his own success: in a 10-year bet between him and fund manager Ted Seides, CEO of Protégé Partners, Buffett’s favorite index fund on the S & P 500 beat ‘Vanguard 500 Index Fund Admiral Shares’ lengths. 7.1 percent a year, Buffett index funds dropped annually – the fund was significantly lower with an average gain of 2.2 percent.
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