Warren Buffett backs $1 billion NCAA bracket contest

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NEW YORK (CNNMoney) — Warren Buffett might be the epitome of the cautious investor, but he’s betting $1 billion on this year’s NCAA tournament.

Quicken Loans is offering a $1 billion prize to the basketball fan who submits the perfect NCAA bracket for this year’s tournament. And the prize, if there is one, will be paid out by Warren Buffett’s Berkshire Hathaway,

The prize would be doled out over 40 years in annual payments of $25 million, or a lump-sum payment of $500 million. If there is more than one perfect bracket submitted, the winning entries will split the prizes.

Warren Buffet

Warren Buffet

Buffett told CNN’s Poppy Harlow that if there is a contestant who has a chance for the prize when the final game is held, he plans on attending the game.

“I will invite him or her to be my guest at the final game and be there with a check in my pocket, but I will not be cheering for him or her to win,” he said, jokingly. “I may even give them a little investment advice.”