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Buffett Lunch fetches $620,100.00

June 29, 2006

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Bids on lunch with billionaire investor Warren Buffett finished at 9 pm central time today with a record price of $620,100. The winner of the auction is an ebay member with an username of "fastisslow".

The winner and up to seven friends will get to have lunch with the Berkshire Hathaway chairman in New York City .

Money raised by the auction benefits the San Francisco-based Glide Foundation, which helps the poor and the homeless.

How much does this lunch worth? This is a natural question since it is a question Warren Buffett always asks before he buys a stock. According to the auction announcement on ebay, it is "priceless". "This is the chance of a lifetime to experience first hand the one-and-only Warren Buffett. As CEO of Berkshire Hathaway, Mr. Buffett is famed for his strikingly successful investment strategies and is as well known for his personal integrity as his business savvy. He is, quite simply, a legend, and he will sit down with you and up to seven of your friends for lunch."  

"I dropped over $1k just to sit around with 20-40k people for the annual meeting, and I didn't get to ask any questions or get any personal interaction. Surely, a lunch is worth way, way more than that." Said Vooch, a value investor who follows Warren Buffett's investment philosophy closely. He attended the Berkshire annual meeting in May. (Read his meeting notes.)

The winning bid of the last year's lunch was about $350,000. This year's amount is almost an 80% increase. If this trend continues, the bid for the next year's lunch could reach $1 million.

Yes, the "one-and-only" Warren Buffett!

Update: The winner of the bid: Yongping Duan, a 45-year-old investor from Palo Alto, California.

"I learnt a lot from Warren Buffett and his philosophy," Duan said in an interview Friday morning. "I wanted to find a chance to say thanks to him. I have also looked at Glide, and they do very good work."

Duan said his family's Enlight Foundation will provide the donation, and plans to take his wife and friends to the lunch. Duan used to run a consumer electronics business in China.

He said he plans to ask Buffett "when you have too much money in your hand, and don't find very good targets, what do you do? I believe he's very good at this kind of thing."


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