Summary List Placement
Warren Buffett’s Berkshire Hathaway was Mike Tyson’s life-insurance provider more than 25 years ago.
“We insured the life of Mike Tyson for a sum that is large initially and that, fight-by-fight, gradually declines to zero over the next few years,” the famed investor said about the boxing champion in his 1995 shareholder letter.
Buffett, speaking to a group of college students in 1996, also pointed to Tyson as someone with a lucrative skill in a market system.
“If you can knock a guy out in 10 seconds and earn $10 million for it — this world will pay a lot for that.”
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Warren Buffett, the billionaire investor and Berkshire Hathaway CEO with a junk-food habit, and Mike Tyson, the former world heavyweight-boxing champion with a cameo in “The Hangover,” don’t have much in common at first glance.
However, Buffett’s company crafted a life-insurance policy for the puncher a quarter of a century ago.
“We insured the life of Mike Tyson for a sum that is large initially and that, fight-by-fight, gradually declines to zero over the next few years,” the investor wrote in his 1995 letter to shareholders.
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Source:: Businessinsider – Finance