In 2008, "Oracle of Omaha" Warren Buffett and some hedge fund guys made a wager that's been dubbed the "Million-Dollar Bet."
In sum, Buffett's wager against the hedge funders is that over a period of ten years hedge fund fund-of-funds could not beat the S&P index.
For the bet, five fund-of-funds (which haven't been named publicly) picked by Protégé are competing against Vanguard's Admiral shares, the S&P index fund Buffett is backing.
It's been five years since that bet was made and we're currently at the half-way mark. According to Fortune's Carol Loomis Buffett is winning.
So now the tortoise, after crawling four more years, indeed leads. At the five-year mark, the Vanguard index fund backed by Buffett is up by 8.69%. The five funds of funds picked by Protégé Partners to carry its flag in the race are up, on the average, only—"gulp," says Protégé partner Ted Seides—0.13%.
Of course, we still have five more years to see how this all plays out.
What's more is whoever wins the bet will have a $1 million, or possibly more, donated to the charity of their choice.
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