In 2007, Warren Buffett made a $1 million bet with Ted Seides, a well respected partner and manager of Protégé Partners, a New York City money management firm that runs funds of hedge funds. Winnings will go to charity. The bet was that, starting in 2008, the Vanguard 500 Index Admiral Fund (VFIAX) would beat a portfolio of funds chosen by Protégé over the coming ten years. The names of the funds chosen by Protégé have not been revealed but the results are reported on an annual basis. After seven years, it looks like Mr. Buffett is going to win. It also looks like the 2 for 1 Index has already won!