Warren Buffett was always known for making some smart business choices; however, the latest announcement from his group is the mother lode of all offers. Buffett is teaming up with Quicken Loans Inc. to hand out a billion dollar jackpot to any other oracle out there who can accurately predict the results of each and every game being played in the NCCA men’s basketball tournament
The rules are simple, the odds are not. At an odd of nine quintillion to one, it’s not going to be a walk in the park to just predict the winners accurately. However, in the event one finds luck in favor and accurately fills out the perfect bracket for all the sixty-four team matches, then the prize money will be his to savor for life.
The teams will go head on as part of the March Madness Tournament by the National Collegiate Athletic Association (NCAA) which is holding its sixty-fourth tournament in the month of March. Quicken loan reiterated the offer and said that one has to pick the eventual winner in the all-in-all knockout tournament by predicting each game’s outcome accurately.
Open on a first come first serve basis for the first 10 million applications, the prize money will be paid in 40 annual installments of $25 million each or with a $500 million bulk payment at the onset. There will be an equal division of the prize money in case of an unlikely event of multiple winners.
The Oracle of Omaha, as Buffett is fondly known as, has simply put his money where his returns are even higher. With the crazy odds of nine quintillion to one, the chances of a lucky oracle to emerge out of the dark alleys of this planet and grab the billion dollar offer are as ridiculous as it is to say that Buffett made his fortune from luck.
Warren Buffett was conferred with the now famous nickname of Oracle of Omaha for his incredible ability and foresight to spot and trace out investment gold mines. That he continues to achieve success in his options and investments in areas that most of the others conveniently choose ignore is equally commendable.
The way he turns around his investment from the depths of loss to stupendous profit-making success has left many an individual in awe. Such is his turnaround success rate that people are ready to pay a fortune just to spend an hour in private conversation with Buffett to learn fro him.
However, Buffett also has had his share of errors including the blunder in prediction on U.S housing recovery in 2011-12, a $2 billion Texas utility Energy Future Holdings’ bond purchase getting devalued too much less than a billion dollar are all part of his repertoire. Other blunders include multi-fold share increase in Conoco Phillips anticipating a surge in oil prices right before the prices fell.
It proves that Buffet is no stranger to failure of predictions, and he may also know the odds of failure to each and every business decision he makes or has ever made. So it can be concluded that with the odds on winning the $1 billion offer in the NCCA game, Buffett and Quicken Loans Inc. already have a winner on their hands.
On the other hand, this may also be the best time to test all those gypsies and wannabe Nostradamuses to bring in their foresight and win the jackpot. Buffett’s offer may sound crazy to many and but the oracle has not made many rash decision and the current $1 billion offer is absolutely not one of them, either.
By Daris Abraham