Remember how you felt when you first learned that France was out of the World Cup? Remember the joy you felt and the huge smile that came across your face? Well, Warren Buffett had an even bigger smile than yours. Not because he is such a huge soccer fan, but because as France flamed out of the World Cup, $30 million dollars stayed in his pocket.
Warren Buffett won his bet against France in the World Cup when the 1998 champion was eliminated by South Africa.
France fell 2-1 to the host nation today, after drawing Uruguay and dropping 2-0 to Mexico. Berkshire Hathaway Inc. had sold insurance requiring the Omaha-based company to pay a client if France won the tournament, Buffett told CNBC in March.
“I think we’re going to lose 30 million bucks or something like that” if France wins, Buffett, Berkshire’s 79-year-old chief executive officer, said at the time. He didn’t say who purchased the coverage. An assistant to Buffett had no comment.
Just a little more icing on the “France is out of the World Cup” cake. At least for Warren Buffett.
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