• Buffett Looking To Run The Table?

    Posted by on December 19th, 2007 · Comments (4)

    From The [Philadelphia] Bulletin -

    Question: What ever happened to that furniture company that advertised it would refund the purchase price of your furniture if the Boston Red Sox won the World Series, which they did?

    Answer: The company lost up to about $20 million or more. No one knows for sure. But here’s what we do know: Jordan’s Furniture, Inc., which has stores in the Boston area, advertised that if anyone bought furniture between March 7 and April 26, and Boston won the World Series, the purchase price of their furniture would be refunded. Well, Boston did win the World Series. Now here’s the closest I can give you to the inside story. Joseph Belth reports this in his respected and reliable insurance newsletter, The Insurance Forum (January 2008). To cover its possible loss, Mr. Belth says it took out a $20 million insurance policy with Warren Buffett’s Berkshire Hathaway, Inc., which owns a fleet of insurance companies and also owns Jordan’s. Mr. Belth could not get answers from Jordan’s or Berkshire, but he managed to piece together the above information. Mr. Belth notes that Mr. Buffett may have hedged his bet by betting against the New York Yankees. Jordan’s is sending out checks and also sending out IRS Form 1099s, as the refund is taxable, as a lottery winning would be.

    Mr. Buffett may have hedged his bet by betting against the New York Yankees…

    So, Buffett tells A-Rod to sign with the Yankees, but, Buffett bet against the Yankees last year. I’m guessing that Buffett wants to bet against New York again next year…and figures having A-Rod there will help.

    Comments on Buffett Looking To Run The Table?

    1. MJ
      December 19th, 2007 | 2:23 pm

      Your way of saying that A-Rod is a detriment to championships or are you insinuating something far worse?

      Either way, the playoffs are a crapshoot so unless Buffett has a Tim Donaghy-type link to the big leagues, he got lucky, just like Boston did when Cleveland collapsed after Game 4.

    2. Raf
      December 19th, 2007 | 2:24 pm

      So, Buffett tells A-Rod to sign with the Yankees, but, Buffett bet against the Yankees last year.
      =========
      Depending on the odds, that may have been the right thing to do.

    3. December 19th, 2007 | 4:12 pm

      ~~~Your way of saying that A-Rod is a detriment to championships or are you insinuating something far worse?~~~

      Just kidding around, actually. Trying to make a joke.

    4. MJ
      December 19th, 2007 | 5:04 pm

      Just kidding around, actually. Trying to make a joke.
      ====================================
      I know. I’ve been reading the blog enough to know your version of tongue-in-cheek.

      But I gotta call you out, or else I’m being an irresponsible commentator! :-)

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