I had forgot all about this little bet that Mack made earlier in the year concerning the price of oil at the end of the year and buying 7k worth of furniture from him. Wonder how much furniture he sold on this bet alone?
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Wonder how many people bought because of that ad? -
A lot... he's made those 'bets' before ...lost ... and paid out in full....hes a man of his word.Originally posted by Kurdawg View PostComment
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It was just a hedge. I'm sure he would have made a ton more if oil were over $85
"Based on current forecasts from major U.S. banks, McIngvale will not have to repay any customers given estimates ranging from $51 per barrel to $75 for the price of crude at year end."
$51 would even be nice right now.Comment
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He's making money on those bets either way. If he looses, he has insurance policies in place and the premiums are much less than what he gets in as retail purchases.Comment
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The markup on furniture in general is insane. I cant see how anybody can afford to buy from Gallery unless its because of the financing.
I will say he is one heck of a businessman!Comment
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Yep. This isn't actually a bet but rather a promotion based on market predictions even though we see it as a bet. Similar to winning big money on a hole in one at a golf tournament. The tournament organizer buys an insurance policy that pays out if somebody hits the hole in one and only pays a small fraction of what it would cost to pay out of pocket.Originally posted by CastAndBlast View PostComment
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Originally posted by rferg84 View Post
Policies are pretty cheap on the golf ones, he definitely made enough to more than cover his insurance costs.
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You'd be wrong.Originally posted by Hydestik View Post
a little history on these promotions he does...
His multimillion dollar bet— offering full refunds to the first 500 customers who spent $6,300 or more if the Houston Astros won at least 63 games this season — was one of the most expensive promotions for the company to date. Gallery Furniture will be refunding about $4 million to those 500 customers.
McIngvale's bet against the Astros wasn't the first promotion of its kind for Gallery Furniture. Earlier this year, he bet on the Denver Broncos during his Super Bowl promotion, but the Seattle Seahawks won out, and he paid out $7 million in full refunds to customers who spent $6,000 or more at his stores.Comment
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We are not talking about the two previous bets he offered . We are talking about the price of West Texas Crude being $85 at the close of the year . If your willing to take that bet , then go ahead .Originally posted by systemnt View PostComment
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Insurance for $1 million dollars is approx $1000. Our Rotary club does this every year for our golf tournament. Had one guy come within 2" of getting it.Originally posted by LemmeOut View PostComment
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stay with me now......Originally posted by Hydestik View Post
I WOULD bet that SEVERAL did.... BECAUSE he pays out.... just like they did in previous promotions...where he actually had the odds in his favor there too...Comment
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