Warren Buffett backs $1 billion NCAA bracket contest

ncaa-basketball-400x225

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.”

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


Related Stories


Follow

Get every new post delivered to your Inbox.

Join 1,294 other followers