Warren Buffett Becomes A Cheap(er) Lunch Date

Warren Buffett

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'.

Hit the link below to access the complete Bloomberg BusinessWeek article:

Warren Buffett Becomes a Cheap(er) Lunch Date

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image: © Mark Hirschey

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