Warren Buffett bets on the performance of his Berkshire Hathaway compared to other funds. He gambles on bridge (but not for money, as far as we know). And it turns out hes got a little wager going with a prominent economic mind.

As investors anxiously await tomorrows report on how quickly or slowly the U.S. private sector is adding jobs, Buffett disclosed this morning that he has bet $1 that the U.S. unemployment rate  now at 9.1% -- will dip well below 8% by the presidential election next year.

Ive...