This week Fortune reported that Warren Buffett MS ’51 is betting that funds cherry-picked by money managers won’t outperform the S&P 500 index over the next 10 years.

According to the article, Buffett made the bet with the money-management firm Protege Partners in January. Protege has backed five hedge funds, while Buffett, who has long argued against “helper” fees, is betting on a low-cost S&P 500 index fund sold by Vanguard.

Each side put up about $320,000, and at the end of 10 years the pool is expected to be worth about $1 million dollars. The money will go to a charity of the winner’s chosing.

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