The Ultimate Dartboard ContestThe Ultimate Dartboard Contest

Nancy N. DiCostanzo

So, the efficient market theory vanquished active management (okay, people still argue over this but given the amount of money flowing into passive indexes and ETFs . . . ). Now Warren Buffett says the S&P 500 can outperform a professionally picked hedge fund of funds. Back in May 2006, Buffett placed a $1 million wager putting his money where his trap is: Specifically, he says the Vanguard S&P 500 index fund can beat 10 hedge funds, net of fees, over 10 years, according to Fortune.

It took 2 years, but it appears we have a challenger. The website, longbets, reveals that New York investment firm, Protégé Partners, has stepped up and placed its bet. The New York Post reports that the winner will emerge at 2017's end. As of this morning, 79 percent of longbets' visitors are in Buffett's corner, with the remaining 21 percent rooting for Protégé.