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.
WASHINGTON -- President Donald Trump told a Republican member of Congress that he is willing to go after Social Security and other entitlement programs at the beginning of his second term. The Republican member of Congress spoke to a small group of reporters Thursday about a wide range of subjects on a condition of anonymity. The member said both parties and past administrations are to blame for the lack of effort to reform entitlements, citing a gap in leadership on the issue. "Until you have an administration willing to actually tackle entitlement reform, the idea that Congress is just going to magically produce it on its own," said the lawmaker. "Entitlement reform always takes leadership at the presidential level and it also takes -- by the way, real reform takes bipartisanship." When asked about Trump's level of serious on the issue, the Republican said the president would not touch Social Security "u ntil the first day of his second term, he told me once." read more
The shortlist of candidates for TIME's 2017 Person of the Year was unveiled Monday morning on NBC's Today. Since 1927, TIME has identified the Person of the Year, recognizing the person or group of people who most influenced the news during the past year, for better or for worse. Along with the leader of North Korea, Donald Trump is against the following other nominees: President Xi Jinping of China, Amazon billionaire Jeff Bezos, NFL quarterback Colin Kaepernick, Crown Prince Mohammed bin Salman of Saudi Arabia, Wonder Woman director Patty Jenkins, DACA Dreamers, the #MeToo movement and special prosecutor Robert Mueller.
The company behind Cards Against Humanity, the self-described "party game for horrible people," has purchased a vacant plot of land on the US-Mexico border, just to get in the way of President Trump's planned wall. Cards Against Humanity harbors no illusions that it'll be able to stop the construction of the wall entirely. But the company has hired a law firm specializing in eminent domain, just "to make it as time-consuming and expensive as possible for the wall to get built," it said on a new website dubbed "Cards Against Humanity Saves America." read more