7 Hours AgoThe Associated Press COMMENTSJoin the Discussion Paul Morigi | Fortune | Time Inc | Getty Images For the second time, an anonymous bidder has agreed to pay more than $3.4 million for a private lunch with billionaire Warren Buffett, with the auction proceeds going to a San Francisco homeless charity. The bid of $3,456,789 from Friday night's winner ties the record highest from 2012, when a bidder also paid $3,456,789 to become the most expensive individual charity item ever sold on eBay. The weeklong eBay auction to raise money for the Glide Foundation began Sunday and wrapped up Friday night. By midmorning Friday, the bidding reached more than $2.6 million, nearly $300,000 higher than last year's winning bid by Beijing-based Dalian Zeus Entertainment Co. Six of the past eight winners paid more than $2 million to dine with Buffett, the investor who leads the Berkshire Hathaway conglomerate. Buffett has raised more than $20 million for Glide. The lunch auctions began after Buffett's first wife, Susie, showed him the charity, where she had been volunteering. Susie Buffett died in 2004, but the connection between Warren Buffett and Glide's founders has endured. Buffett has praised the foundation's approach in providing meals, health care, job training, rehabilitation and housing support to the poor and homeless. "I am proud to be part of something that has directly benefited so many people in need," Buffett said ahead of the auction. "Glide is a bridge for thousands of people on the brink of despair, helping them achieve dignity and opportunity by providing them with basic services." After the auction, the Rev. Cecil Williams, one of Glide's co-founders, said: "We are astonished by the results of this year's auction and send heartfelt gratitude to Mr. Buffett for his deep investment in unconditional love and community." Buffett has said he gets a wide range of questions at the lunches that usually run for several hours. The only limit on lunch conversation is what Buffett might invest in next, but any other topic is open. The winners of the lunch auction typically dine with Buffett at Smith and Wollensky steak house in New York City, which donates at least $10,000 to Glide each year to host the lunch. But when the winner wants to remain anonymous, the lunch happens elsewhere. Buffett's company owns more than 90 subsidiaries including insurance, furniture, railroad, jewelry and candy companies, restaurants and natural gas and corporate jet firms, and has major investments in such companies as Coca-Cola Co., IBM and Wells Fargo & Co.
Anonymous bidder pays $3.46 million for Warren Buffett lunch http://www.reuters.com/article/us-buffett-lunch-idUSKCN0YX0G3
Publicity stunt/gimmick. Has any of the previous highest bidders learned anything from these lunches?
Previous winners Mohnish Pabrai and Guy Spier have publicly said they benefited a lot from their lunch....
Seems quite overpriced given that Buffett himself has said that all that needs to be written about his strategy has already been written
Wow too long time required, maybe before reap the result we already death But maybe this is good to invest and forget might if already remember then will look investment growth already
I don't remember the portfolio managers name but he was on Bloomberg radio a few months ago. They kept talking about how his phd advisor was Eugene Fama (the creator of EMH). This PM's phd thesis was that long term value investors do outperform the market. He used some rigorous statistical methods to prove it and he claimed that Eugene Fama agreed with his conclusions.