Warren Buffett has placed a $1 million long bet on the following prediction:

Over a ten-year period commencing on January 1, 2008, and ending on December 31, 2017, the S & P 500 will outperform a portfolio of funds of hedge funds, when performance is measured on a basis net of fees, costs and expenses.

Interestingly, the exact terms of the bet are confidential. The challenger is, of course, a hedge fund partnership.