2008-06-29 21:55:20
Chinese Hedge Fund Manager Shells Out $2.1 Million for Lunch Date with Warren Buffett
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Warren Buffett is without a doubt the best investor that ever lived.
But are his words of wisdom worth $2.1 million dollars? Zhao Danyang thinks so.
Buffett, as he does every year to benefit the Glide Foundation charity, auctioned off the rights for somebody to sit down and have lunch with the "Oracle of Omaha".
This started in 2000 when an anonymous bidder paid $25,000 to sit down and have lunch with Buffett.
In the past few years, the winning bids have grown substantially. In 2003, David Einhorn paid $250,100 for the right to have lunch with Buffett.
In 2004, Jason Choo paid $202,100. In 2005, an anonymous bidder paid $351,100. Yongping Duan won the bidding war in 2006 with a whopping bid of $620,100. In 2007, the winning bid was even higher - $650,100.
This year blew away all previous years, as Zhao Danyang of the Pureheart China Growth Investment Fund paid $2.110,100 for the right to have lunch with Buffett. Danyang and seven of his friends will be taken to lunch at a New York steakhouse by Buffett, who will answer any and all of their questions, except those related to what he is buying and selling right now.
Warren Buffett is the world's richest man, and will surely impart some lasting words of wisdom on the seven. Will his words of wisdom be worth $2.1 million dollars? Who knows.
Source: Bloomberg
Filed under: Hedge Fund News | General Market News
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