Warren Buffett

* Re “Investor Bets Against Big Quake for 4 Years,” Nov. 18:

I read with great interest the article about Warren Buffett. It seems to me that “civil servants” of California are giving a rich outsider a chance to make money without giving the citizens of California the same chance. I’m sure the whole sum of $1.5 billion could be raised in a week if the state would give people like me an equal opportunity.

I, and I am sure many others, would even give the state a better deal than Buffett. I would be happy to put $10,000 in an escrow account (at 5%) for four years. If there is a big quake I lose it all except the interest. If there is no quake, or no quake large enough to need reinsurance, we would earn the 5% for four years, plus the 39.3% the state is paying Buffett up front.

I would be willing to take the payment at 10% a year, not the whole 39.3% they are giving Buffett up front. With compound interest on the 5% and 10% each year, I’d be risking less than $6,000 for a chance to coming close to doubling my money. At a 20-to-1 shot, it seems as good a bet to me as I’m sure it does to Buffett.

WILLIAM GLASSER

Chatsworth