This is Warren Buffett March Madness 2017 Bracket which makes this the four annual anniversary of the contest for Berkshire Hathaway’s employees. The NCAA Basketball Tournament is one of the most exciting times of the year for college fans but especially for Warren Buffett. 68 teams start out in a single-elimination style tournament and fight it out for the illustrious NCAA Championship.
Being the betting man that Warren Buffett is he couldn’t pass up the opportunity to have a little fun. On CNBC television show Squawk Box he announced that any Berkshire employee that predicts a perfect bracket for the Sweet 16 would receive $1 million every year for the rest of their life. Berkshire Hathaway is a multinational holding conglomerate that is composed of over 90 companies and houses 367 000 employees.
Berkshire Hathaway has major holdings in companies such as Duracell Geico NetJet and Shaw Industries. They have minor holdings in range from American Express Bank Of America and General Motors to IBM Johnson and Johnson and UPS. They profit and revenue rank in top five in the United States. They also have a revenue of $421 billion which is nothing to scoff at. Of the 367,000 Berkshire Hathaway employees over 80,000 of them participate every year. This year the company entries have reached a record high of 100,000.
When you’re the second richest man in the world you find your ways to have fun. This is Warren Buffett’s idea. The contest’s inception was in 2014 when Warren Buffet backed by Quicken Loans first announced that he would offer $1 billion to anyone that had a perfect bracket for the NCAA tournament. No not the Sweet 16. The whole entire NCAA Tournament. The odds of that happening were 1 in 9.2 quintillion. Warren’s money was safe that year. Predicting the Sweet 16 is tough but not impossible. 14 people of almost 12 million were able to do this in 2014. Those who got the closest won $100,000. Warren Buffett contrary to popular belief is not afraid to share the wealth at all.