Buffet Still Ahead In Hedge Fund Bet Dec 4 2014 | 8:08am ET With four years to go in his bet with New York hedge fund firm Protégé Partners , Berkshire Hathaway's Warren Buffet is sitting in the catbird seat. The Oracle of Omaha made a 10-year bet six years ago that money invested in an S&P index fund would outperform a fund of hedge funds. Just past the halfway mark, Buffet's index fund is up 43.8% while a suite of five funds of funds selected by Protégé is up 12.5% after fees. At stake is $320,000 in bonds that will be worth $1 million by the time the bet ends; all proceeds to go to charity.