Can you imagine betting against the legendary investor Warren Buffett in public? For real money?

Warren Buffett was trying to make a point about index funds—that this meat-and-potatoes boring investment strategy would beat any fancy hedge fund portfolio over time. Well, Ted Seides, President and Co-chief Investment Officer at Protégé Partners, which invests in small and specialized hedge funds, took that bet.

And even though Mr. Buffett is probably chortling with satisfaction somewhere, Mr. Seides was willing to talk about how it’s going three-quarters of the way into a ten year bet. 

Click the media player above to hear more.

By the way, Buffett and Seides each put up enough money in a way that $1 million of the loser’s money will go to charity when this is all said and done in three years time.