3 ms·
It's not in the article but my guess would be that none of Warren Buffet's money was ever actually on the line. The last time Pepsi had a contest for $1 Billion
by creade 13y ago
It's not in the article but my guess would be that none of Warren Buffet's money was ever actually on the line. The last time Pepsi had a contest for $1 Billion, they bought insurance against someone meeting the conditions to win the prize. Who'd they buy that insurance from? Berkshire Hathaway.
http://en.wikipedia.org/wiki/Pepsi_Billion_Dollar_Sweepstakes#Insurance http://en.wikipedia.org/wiki/Pepsi_Billion_Dollar_Sweepstake...
- curiouscats 13y agoRight, same deal this time as I remember reading about it. It is funny that Buffet gets most of the PR when Buffett's company is just making a fortune insuring against a very unlikely outcome. Normally the crazy people marketing the potential $1B payout (that buy insurance from some boring insurance company) would get the PR.
- FireBeyond 13y agoI doubt it's a fortune. After all, given the astronomical odds, I think you'd be able to argue an insignificant premium was appropriate.