This article: http://money.cnn.com/2008/06/04/news/newsmakers/buffett_bet.fortune/index.htm http://money.cnn.com/2008/06/04/news/newsmakers/buffett_bet.... prov

This article: http://money.cnn.com/2008/06/04/news/newsmakers/buffett_bet.fortune/index.htm http://money.cnn.com/2008/06/04/news/newsmakers/buffett_bet.... provides more information. Previously, I thought that it was a sure thing for Buffett to win, because I thought portfolio implied maybe 20+ hedge funds, but standing opposite S&P500 are only 5 hedge funds(preapproved by both Buffett and Protege). Protege has a chance (if i was a betting man, I'd give 1:5 odds they would win). However, Buffett's bet was smarter, because it also wins if something negative happens to the hedge fund industry as a whole politically and we can see that happening already. Nobody is going to nerf S&P 500. Also from the article, each side contributed 320k and put the money into zero coupon bonds with maturity in 10 years(ie 640k now -> 1mil in ten years), which will go to winner's charity.