This is an article from the Feb. 3, 2014 issue
Berkshire Hathaway's CEO is insuring a $1 billion prize from Quicken Loans for anyone who fills out a perfect tournament bracket for March Madness. The 83-year-old Omahan is reportedly worth $58.5 billion.
DAN PATRICK:Everyone's saying, "Omaha! Omaha!" these days.
WARREN BUFFETT: [We say], "Peyton, Peyton, Hike!"
DP:Are you a Broncos fan?
WB: I am a Broncos fan.
DP:Where will you watch the Super Bowl?
WB: This year I'm going to be out in California visiting my friend Bill Gates. I'll probably watch it there.
DP:When you go to Bill Gates's house, what's the first thing you notice?
WB: You'd see some Cherry Coke on the kitchen counter that he has for me. I just hang out in the kitchen. I don't wander around to all the other rooms.
DP:People pay to have lunch with you. Who would you pay to have lunch with?
WB: Do you think Sophia Loren is available? [Laughs]
DP:What's the biggest mistake people make when it comes to money?
WB: Not learning the habit of saving early, and then trying to get rich quick. It's pretty easy to get well-to-do slowly. But it's not easy to get rich quick.
DP:What are you trying to get out of the NCAA tournament challenge?
WB: I'm writing an insurance policy. Quicken Loans is looking to get lots of national exposure. I'm looking to either earn a profit for my premium or pay out a billion dollars. I don't think that you need to ask me which one I hope happens.
DP:Have you ever considered buying a team?
WB: I was a water boy for the Washington Redskins for two games. I thought if I ever had a lot of money I'd buy the Redskins.
DP:Washington fans would love for you to buy the team right now.
WB: I don't know whether [Dan Snyder] would sell. Sammy Baugh was my hero in those days.
DP:Are sports teams a good investment?
WB: They're kind of like art: They go up in value because there's a lot of rich people who want to own one. There's more rich people than there are teams, so they compete for them. Some teams don't make much money, as you know. If you've got a lot of money, what are you gonna do with it? Some people buy art, some people buy houses, some people buy boats. I invest, but I'm different.
DP:What athlete would you invest in?
WB: LeBron [James]. He's got staying power. He's smart. He gets better all the time. I would love to have a piece of him. But he's too smart to sell it to me.
DP:How much money do you have in your pockets right now?
WB: Right now I have about $200. But I'll tell you this: At the end of the day I'll have $200.
Even after 19 games against Peyton Manning, former Titans and current Rams coach Jeff Fisher can offer no advice on how to stop him. "It's like playing a video game," Fisher told me. "You're playing a computer. You have to play honest or he'll take advantage of you." ... Packers linebacker A.J. Hawk admitted he was a bad host when QB Aaron Rodgers visited him in Columbus, Ohio, after the season. "It was so lame," Hawk said. "I have two young kids. He's in the guest room sleeping in. My daughter's banging on his door because she loves to play with him. He didn't get much rest." ... Having portrayed bad guys in movies, Ice Cube appreciates the controversy Seahawks cornerback Richard Sherman has created: "The sports world needs a villain to go against Peyton Manning. The media is happy [Sherman] did it, but they have to put on a face like he shouldn't have done it."