Citing growing nuclear risks and unchecked climate dangers, the iconic Doomsday Clock is now 30 seconds closer to midnight, the closest to the symbolic point of annihilation that the Clock has been since 1953 at the height of the Cold War. The decision announced today to move the Doomsday Clock to two minutes before midnight was made by the Bulletin of the Atomic Scientists' Science and Security Board in consultation with the Board of Sponsors, which includes 15 Nobel Laureates. The full text of the Doomsday Clock statement is available at http://www.thebulletin.org and includes key recommendations about how to #RewindtheDoomsdayClock. read more
With 2017 over, Warren Buffett has sealed his victory over hedge funds in a bet he made a decade ago. The Berkshire Hathaway chairman in 2007 bet $1 million that the S&P 500 would outperform a selection of hedge funds over 10 years. As of Friday, his S&P 500 index fund had compounded a 7.1% annual gain over that period. The basket of funds selected by Protégé Partners, the managers with whom he made the bet, had gained 2.1%, according to The Wall Street Journal. Buffett agreed to give the prize money to Girls Inc. of Omaha, Nebraska, a nonprofit he has previously supported. ... Buffett has long taken issue with hedge funds' promise of outperforming the market and their high fees that take away from the returns their clients earn. He has turned out to be right on both fronts.