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Warren Buffett beat the hedge funds. 1 million wager that stashing money in an index fund warren buffett index fund investing make you richer than if you entrusted it with hedge fund managers.

He also took a jab at the hedge fund folks at the losing end. The names of the funds were not disclosed. The hedge funds “got off to a fast start, each beating the index fund in 2008. Then the roof fell in,” Buffett said.

P 500 won every year after. He detailed a few key takeaways from the experiment. Making money on the stock market “does not require great intelligence, a degree in economics or a familiarity with Wall Street jargon,” he wrote. What investors then need instead is an ability to both disregard mob fears or enthusiasms and to focus on a few simple fundamentals. Stick with big, ‘easy’ decisions and eschew activity,” Buffett said.