Nov 11, 2009, 10:34am
Nov 10, 2009, 8:45am
It's widely known that Jesus roots for the Colorado Rockies. But now they have a much more important fan: legendary investor Warren Buffet, who is cheering on the Rockies because Berkshire Hathaway chain Jordan's Furniture promised certain customers free furniture if the Red Sox win the World Series.
Why Buffett's Rooting Against the Red Sox [TheStreet.com]
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Posted by Benjamin G , Oct 25, 2007 10:43AM
Come on, these promotions are always covered by insurance policies.
Posted by obvious police , Oct 25, 2007 10:55AM
And what insurance company do you think underwrote that policy?
Posted by MG , Oct 25, 2007 11:11AM
free furniture from Jordan's is a bit like free poop.
Posted by , Oct 25, 2007 11:13AM
obvious police, it's called a bookies.
Posted by The Guy Who Reads A Lot About Risk , Oct 25, 2007 11:56AM
I am reading a book by Stuart Konik titled, "The Smart Money" that I got at Borders.
It details the author's 3 year venture into "syndicate betting" as a go-fer bettor for said syndicate. He would bet $300,000 on numerous games per instruction from "Big Daddy".
It's all very interesting and details the syndicate's winning edge. Maybe the furniture store president read the book and got some "insurance"?
Posted by IA , Oct 25, 2007 11:57AM
I know for a fact that Jordan's took out an insurance policy to cover their liability.
They will be thrilled if the Sox win the series - it's awesome PR.
Posted by IA , Oct 25, 2007 12:05PM
Also, at the time of the announcement of Jordan's promotion, the Sox were 6:1 dogs to win the World Series.
So effectively, Jordan's was giving people a 14% discount on their furniture (1/7=.14). It's somewhat likely that your average Bostonian would value "free furniture if the Sox win the series" as superior to "14% off list price." Throw in the extra sales generated by the PR benefit and Jordan's made out like bandits.
Sounds like a shrewd marketing move that someone like GEICO would try. Another Buffett portfolio company.
Posted by Spencer's a Buffett fan , Oct 25, 2007 12:25PM
Am I the only one who noticed that business wunderkind Spencer Pratt was reading a copy of Graham's Intelligent Investor on the Hills the other night? Yes, I am lame.
Posted by the "not as obvious as it seemed before" police , Oct 25, 2007 12:26PM
thanks for the clarification
Posted by Anal_yst , Oct 25, 2007 1:14PM
@ 12:25 - Believe the manlaw goes something like "Thou shalt not watch the Hills (etc) unless it directly leads to getting some butt, with zero exceptions"
Posted by Dont taze me bro , Oct 25, 2007 1:34PM
Anal_yst, c'mon cut me some slack. It takes the brain off the pain. Plus I like to pretend that "work" includes magazine internships and event planning.
Posted by WorldBeta , Oct 25, 2007 1:57PM
If I was the guy with 40k of furniture I would hedge it with Vegas. Rockies are +360 moneyline right now.
Posted by , Oct 25, 2007 2:38PM
Saw this on Freakonomics blog already.
Betcha IA did too.