In 2008, a hedge fund analyst called Ted Seides got sick of listening to Warren Buffett slagging off his industry.  So Seides wrote him a letter: “I figured, write an old-fashioned guy an old-fashioned letter. I made it cutesy enough that I thought he would respond.” Seides suggested a bet: that five fund-of-funds could outperform the overall stock market over 10 years. Buffett replied to his letter, and over a couple of months, they negotiated the deal. The bet, which was for charity, was for a million dollars.  At the heart of the bet was the question of fees. Buffett’s…

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