What exactly was the bet that buffett placed, Other Subject

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What exactly was the bet that buffett placed

Problem: Refer to warren Buffett's discussion about "the bet" at pages 11 to 14 of the letter to shareholders for FY 2017. What exactly was "the bet" that Buffett placed? What was the outcome of "the bet"? Please answer each of these three questions in separate and numbered paragraphs. Be sure that your answers are fully clearly stated.

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