The lesson I take from the bet is: you can only be very smart if you have a lot of money. Otherwise, do no try in the long run*. And I stick to that (because I just want to keep a living in the future, not to be rich).

"Risk-adjustment" is just another metric which makes not much sense: either I have the money or I do not. Money now is worth more than possible money tomorrow.

About "the highest performing funds of the past 10 - 30", which ones, the two first ones, the Medallion fund? those which cannot be used by ordinary people?

I know Buffet is not exactly the paradigm of "ordinarity" but nevertheless, I think his intention with his stubborn support of "just the market" is to teach that "ordinary people can very seldom outperform the market".