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Lunch with Warren Buffett Auction for Charity 2008

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Warren Buffett Biography (Warren Edward Buffett) : Famous American Investor - Stock Market Guru
Famous for : The successful Berkshire Hathaway Company, being one of the richest men in the world, and for being a generous philanthropist.
Buffet details : Born - August 30, 1930 Omaha, Nebraska, USA / Lives - United States of America - Omaha

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Warren Buffett Charity Auction 2008

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Warren Buffett has put himself up for auction again this year. Bidding has started on the online auction website eBay for lunch with Warren Buffett at the Smith and Wollensky steakhouse restaurant in New York. The winning bidder and seven friends will get to dine with the Berkshire Hathaway CEO.

All proceeds from the power lunch auction will go to the Glide Foundation in San Francisco. The Glide Foundation feeds and supports the poor and disenfranchised with more than 750,000 meals being served each year. They also operate a medical clinic and organize youth job training for the unemployed. For the last nine years Buffett's power lunch proceeds have been donated to Glide. Last year the winning bid for the Buffett power lunch rose to more than $650,000.

Mohnish Pabrai of Pabrai Investment Funds and his wife Harina Kapoor of Dakshana Foundation, along with Guy Spier of Aquamarine Capital Management were the winners of the Warren Buffett lunch auction in 2007, with a winning bid of $650,100.

Glide’s founder Reverend Cecil William said "We are incredibly grateful to Warren for his consistent generosity and support.. Our work is hands-on in the community, helping our poorest neighbors stabilize their lives. Warren’s gift allows us to reach out to even more people, providing food, shelter and spiritual comfort."

Forbes business magazine estimated Warren Buffett's fortune to be worth $62 billion in 2008, making him the richest man in the world.

The Buffett power lunch auction finishes on Friday, June 27, 2008 at 7:00 p.m. PDT

With three days remaining the winning bid for the lunch so far is $77,100.00.

Update: The lunch with Warren Buffett auction has been won with a bid of US $2,110,100.00. The $2.1 million price tag was paid by Zhao Danyang, who manages the Pureheart China Growth Investment Fund in Shenzhen. The $650,000 paid last year for lunch with Buffett was thought to be a wildly impressive figure, but that bid has been dwarfed this year.

Zhao Danyang will have a lot to discuss with Warren Buffett as his investment philosophy is very similar to the Omaha billionaire's outlook. Below is a paragraph taken from the Pureheart China Growth Investment Fund's Investment Ideology page..

"We do not follow stock index and price-volume analysis. We rarely use individual stock charts as the basis for investment decisions. We only partly agree to fundamental analysis. By taking a long-term view, we believe that the share price of a (well managed) enterprise will undoubtedly reflect its intrinsic value over time. Our selection criteria are quite simple. We seek enterprises that can survive. These enterprises have been established usually for a decade or more and have relatively high success track records. We strongly believe that if we own part or most shares of these enterprises, our investment will grow and breed success together with the companies."

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Warren Buffet Power Lunch Auction

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