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Kass: 'Buffett Being Buffett' Bracket Challenge

As we all know, Warren Buffett is the greatest living investor in history -- and Warren gets better with age.

Unlike most billionaire octogenarians, who spend months on their yachts in the Mediterranean or winter in their oceanside mansions in Palm Beach, Florida, and Summer on Lily Pond Lane in East Hampton, Warren (at 83 years of age) has not lost a step.

Warren Buffett, the man who General Electric (GE), Goldman Sachs (GS) and Bank of America (BAC) go to when they need $5 billion to $10 billion of extra capital during economic crises, recently appeared on CNBC to advertise that his Berkshire Hathaway (BRK.A)/ (BRK.B) is insuring the Quicken Loans $1 Billion Bracket Challenge With Yahoo! Sports.

The contestant who selects a perfect bracket will receive a top prize of $1 billion. Entries will be restricted to 15 million entries. The top 20 most accurate brackets will receive $100,000 each.

As was the case with Berkshire Hathaway's rescue of General Electric, Bank of America and Goldman Sachs several years ago (at the economic and stock market nadir), by insuring the contest, Warren is the big winner here as he bets with the odds stacked immensely in his favor (and so do Quicken Loans and Yahoo! Sports win).

Here is why:

1. No one will win the contest. If you don't believe me, read the fine print on the rules page, which explains the odds of winning are one in 9 quintillion. This is consistent with the math and science site Orgtheory.net, which states that there are more than 9 quintillion possible ways to fill out the 64-team bracket. That is much more of a long shot than the one in 259 million odds of winning the grand prize in Mega Millions or the one in 175 million odds of winning the top prize in Powerball. John Diver, the director of product development for ESPN Fantasy has stated that "in the 13 years that ESPN has had NCAA bracket contests, no one has ever come close to a perfect bracket, even though there have been 30 million entries.... In fact, only once in the last seven years has anyone gotten the first round perfect." If all the people who live in our country filled out the brackets (randomly) and ran the contest for nearly three centuries, there would be a 99.3% probability that no one wins the contest.

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