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Crazy question: how can/does longbets interact with people's estates? Meaning -- what happens when one of the bettors is dead when the bet is settled?
by wyldfire 9y ago
Crazy question: how can/does longbets interact with people's estates? Meaning -- what happens when one of the bettors is dead when the bet is settled?
- wpietri 9y agoNo, it's a great question. We take the money up front and deposit it in a long-term investment account. Each bettor picks a charity, and the initial bet plus half the gains go to the winner's selected charity. (The charity thing is to get around US gambling laws.) If if that charity doesn't exist anymore (which is plausible given our longest current bet settles in 2150) then we pick a charity that's close in spirit.
- knodi123 9y ago> We take the money up front and deposit it in a long-term investment account A minimal-fee S&P 500 index fund, I hope. I think Buffett just proved that anything else would be fiscally irresponsible.