Warren Buffett：Berkshire Hathaway 2003 Letter, Additional Excerpt 2

Ajit writes some very unusual policies. Last year, for example, PepsiCo promoted a drawing that offered participants a chance to win a $1 billion prize. Understandably, Pepsi wished to lay off this risk, and we were the logical party to assume it. So we wrote a $1 billion policy, retaining the risk entirely for our own account. Because the prize, if won, was payable over time, our exposure in present-value terms was $250 million. (I helpfully suggested that any winner be paid $1 a year for a billion years, but that proposal didn’t fly.) The drawing was held on September 14. Ajit and I held our breath, as did the finalist in the contest, and we left happier than he. PepsiCo has renewed for a repeat contest in 2004.

Source： https://www.berkshirehathaway.com/letters/2003ltr.pdf
Locator：2003 Chairman's Letter, additional excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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