Quote: "Billionaire also declares victory in his $1 million bet with another asset manager that low-cost index funds would out earn hedge funds over a decade."

Okay, I've been publishing this advice for 20 years now, to the annoyance of any number of financial advisors:

http://arachnoid.com/equities_myths/

The WSJ dartboard contest makes the same point:

http://www.automaticfinances.com/monkey-stock-picking/