How to explain the dramatic drop in bids for a lunch with billionaire Warren Buffett ?
Bloomberg BusinessWeek reports that an online auction for the chance to break bread with the Oracle of Omaha took in just over $1m this past week.
That’s the lowest price since investor Mohnish Pabrai and two friends won with a $650,100 bid in 2007, and an astonishing 71% discount below the $3.45m paid by last year’s winner for lunch at a Manhattan steakhouse.
This year’s winner - one of eight contenders - chose to remain anonymous. Proceeds go to Glide, a San Francisco charity supported by Buffett’s first wife for many years.
'It’s a sad day for Glide and for all of us', Pabrai said Monday of this year’s more modest auction result. 'Our hero got beat down'.
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image: © Mark Hirschey