There must be some secret investment tips that the billionaire investor Warren Buffet shares with his guests during the annual ‘Power Lunch.’ Otherwise, how can he possibly generate so much enthusiasm that the bidders eagerly shell out vulgar amounts to have lunch with him?
The annual charity auction that gives people a chance to have lunch with Warren Buffet generated a tremendous response this year too. Mohnish Pabrai, a California based business man, outbid all the others on ebay to snap up a chance to see Buffet in person and have lunch with him. Pabrai submitted a bid of $650,100 - shattering the record of the previous year that stood at $620,100.
It was fifth-time lucky for Pabrai, who had lost for four consecutive years prior to this one. The Irvine, California-based investor models his investment business on Wareen Buffet and was obviously delighted with the prospect of meeting him.
Pabrai, 43, is the managing partner of Pabrai Investment Fund in Irvine, California. He revealed that one-third of his bid was funded by his friend Guy Spier. Both Pabrai and Spier, along with their spouses and Pabrai’s children would be entertained for lunch at New York’s Smith & Wollensky steakhouse.
Pabrai plans to make use of every single minute of this meeting with the Oracle of Omaha and to this effect says:
I’ll probably download the menu and see what we want so we don’t waste our time looking at the menu.
The proceeds of this auction go to the Glide Foundation, which provides social services, like food, health and job training, to the homeless in San Francisco. Buffet, who was named the third-richest man on this year’s Forbes List, has a very active life as a philanthropist. He has already pledged to donate 85 per cent of his holdings in the Berkshire Hathaway to the Bill and Melinda Gates Foundation. Buffet has managed to rake in $2.07 billion for Glide in the three years that this auction has been conducted on the Web.
Pabrai, who manages about $600 million for Pabrai Investment Funds in Irvine, Calif., attributes much of his success to Buffet’s investment strategies. One would hope that after the designated luncheon Pabrai will follow Buffet’s steps in charity as well.
