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Annual Lunch with Warren Buffett Auction

Posted By Jim On 06/10/2010 @ 7:10 am In NEWS | 32 Comments

Every year Warren Buffett auctions off a lunch date to benefit the Glide Foundation [3]. The Glide Foundation describes its mission as creating “a radically inclusive, just and loving community mobilized to alleviate suffering and break the cycles of poverty and marginalization.” It’s a noble goal and it’s not surprising that Warren Buffett has supported this organization for years in this way.

The winner last year was Courtenay Wolfe, president and chief executive of Canadian hedge fund Salida Capital, who shelled out $1,680,300.00 for lunch with Buffet and seven of Wolfe’s closest friends. It wasn’t the highest amount ever paid for lunch with Buffett, that honor goes to the 2008 winner Zhao Danyang, manager of Hong Kong-based Pure Heart Asset Management. Zhao Danyang paid out $2.11 million dollars (check out how he used the power of the press to get a nice return [4] even before sitting down with Buffett).

Here are previous winners and how much they paid:

  • 2003 – $250,100 – David Einhorn of Greenlight Capital hedge fund,
  • 2004 – $202,100 – Jason Choo of Singapore (later increased his donation to $250k)
  • 2005 – $351,100 – Anonymous winner
  • 2006 – $620,100 – Yongping Duan [5], a famous Chinese business figure who founded Subor Electronics Industry Corporation and BKK Electronics Group.
  • 2007 – $650,100 – Two investors, Mohnish Pabrai, of Pabrai Investment Funds, and Guy Spier of Aquamarine Capital Management LLC. Pabrai will pay 2/3s, Spier the other third.
  • 2008 – $2.11 million – Zhao Danyang, who runs the Pureheart China Growth Investment Fund in Hong Kong.
  • 2009 – $1.68 million – Courtenay Wolfe, president and chief executive of Canadian hedge fund Salida Capital.

You have to pre-qualify but you can bid here [6]. Any guesses on how much this will go for? 100 BB for the closest guess without going over, contest ends Friday at noon (auction ends won’t end until about 12 hours later).

The contest is closed, the bidding has ended, and the winner will be paying $2,626,311.00 to have lunch with Warren Buffett.

Congrats to Brad for getting closes with a guess of $2 million!

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[1] Tweet: http://twitter.com/share

[2] Email: mailto:?subject=http://www.bargaineering.com/articles/annual-lunch-with-warren-buffett-auction.html

[3] Glide Foundation: http://glide.org/

[4] power of the press to get a nice return: http://www.nytimes.com/2009/07/04/business/04buffett.html?_r=2&ref=business

[5] Yongping Duan: http://en.wikipedia.org/wiki/Duan_Yongping

[6] bid here: http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=290441757930

Thank you for reading!