Buffett’s Bet: S&P 500 vs Hedge Funds

Fortune reports that Buffett has wagered $1,000,000 that the Vanguard 500, and S&P index fund, will outperform 5 fund-of-funds Hedge Funds chosen by Protege Partners, a money management company that runs a fund-of-funds.  Carol Loomis published the scoop in Fortune.
Buffett has repeatedly and famously suggested that:
“Most investors, both institutional and individual, will find that the best way [...]