Warren Buffett, once came up with an interesting wager.
He together with his company, Berkshire Hathaway, offered $1 billion to any person who could correctly pick the winners of all 63 games in that year’s NCAA men’s college basketball tournament. Buffett and Berkshire Hathaway partnered with Quicken Loans, owned by fellow billionaire Cleveland Cavaliers owner Dan Gilbert, to offer the ‘Quicken Loans Billion Dollar Bracket.’
The odds of such happening is so rare that you are more likely to be stuck by lightning rather than losing this bet.
And guess what, as if this is not enough, Warren had an ACE up his sleeve.
Let us say there actually is someone who predicts 60 games successfully. (That is nothing short of a miracle)
Warren would simply go into a room with that guy/girl and offer em a princely sum of lets say 1 million dollar to sign truce.
What are the odds that a person who has never seen a million dollars in his life, will have the gumption to say NO just because he trusts his LUCK which is already stretched too far.
And with that WB will come out with a damage of 1 million which was anyways allocated budget for this marketing campaign.
Thats Genius. A combination of good statistics and negotiation based on a psychological understanding of the situation.
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