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Warren Buffett’s Berkshire Hathaway was Mike Tyson’s life-insurance company more than 25 years earlier.
” We insured the life of Mike Tyson for a sum that is big at first and that, fight-by-fight, slowly decreases to absolutely no over the next few years,” the famed financier said about the boxing champion in his 1995 investor letter.
Buffett, talking to a group of university student in 1996, also pointed to Tyson as somebody with a lucrative skill in a market system.
” If you can knock a man 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 financier and Berkshire Hathaway CEO with a junk-food habit, and Mike Tyson, the previous world heavyweight-boxing champ with a cameo in “The Hangover,” don’t have much in typical at first look.
Buffett’s business crafted a life-insurance policy for the puncher a quarter of a century back.
” We guaranteed the life of Mike Tyson for an amount that is big at first which, fight-by-fight, slowly decreases to zero over the next few years,” the investor wrote in his 1995 letter to shareholders.
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Buffett also highlighted policies penned for Lloyd’s of London members and a pair of Chinese satellites. His goal was to showcase the adaptability of Ajit Jain, his trusted lieutenant and Berkshire’s insurance coverage manager.
” Gladly, both satellites are orbiting, the Lloyd’s folk avoided irregular mortality, and if Mike Tyson looked any healthier, nobody would get in the ring with him,” he quipped.
Buffett conjured up Tyson again while speaking with a group of University of North Carolina students in1996 He provided the fighter and himself as examples of people with abilities that are highly valued by the free market.
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” If you stick me down in the middle of Bangladesh or Peru or someplace, you’ll learn how much this skill is going to produce in the wrong sort of soil,” he stated. “I operate in a market system that happens to reward what I do effectively– disproportionately well.”
” Mike Tyson, too,” Buffett continued. “If you can knock a guy out in 10 seconds and make $10 million for it– this world will pay a lot for that.” Sign up with the discussion about this story” NOW SEE: July 15 is Tax Day– here’s what it resembles to do your own taxes for the very first time