Going once…going twice…

The Associated Press: Chinese investor pays $2.1M to eat with Buffett — Oh brother. Meanwhile, from the sounds of it, these two will never manage to meet for lunch anyway.

A Chinese investment fund manager won the chance to have lunch with billionaire Warren Buffett by bidding $2.1 million in the most expensive charity auction ever held on eBay.

Zhao Danyang of the Hong Kong-based Pureheart China Growth Investment Fund won the auction, which ended Friday evening with a bid of $2,110,100.

A spokeswoman for the Glide Foundation, which receives all the proceeds from the auction, identified the winner Saturday.

It appears that Zhao and Buffett share a similar investment philosophy. But Zhao could not be reached Saturday, and no one answered the phone at Buffett’s Omaha office.

The auction will provide a significant boost to Glide, which provides social services to the poor and homeless in San Francisco. The foundation operates on a $12 million annual budget, spokeswoman Denise Lamott said.




  1. John Paradox says:

    If only it read:
    Chinese investor pays $2.1M to eat Buffett.

    J/P=?

  2. Jägermeister says:

    $2,110,100… that’s about 8 min 54 sec of cost for the war in Iraq. Just imagine that money being spent to wipe out poverty in the USA. That way there wouldn’t be a need for breadcrumbs from the rich. And there would be money left to improve the infrastructure and modernize the schools.

  3. Stopher2475 says:

    Buffett’s advice on how to make money:
    “Get dumb rich people to pay you to buy you lunch.”

  4. Saper Wpg says:

    Warren Buffett has two great financial areas of interest – cigarettes and insurance companies
    Tobacco and cigarettes – his quote is ” they are cheap to make and people get addicted”
    Insurance companies “Insurance companies are good ( mainly life insurance)
    You get to hold the money for free for a long time until you eventually pay out”
    Smart fellow I guess ?
    Or too smart for his own good ?

  5. Ah_Yea says:

    Believe me, these Chinese businessmen are not stupid. I bet this guy spent $2.1 million to get Warren’s ear for a couple of hours to hook up some investment capital worth 100 times as much.

  6. HMeyers says:

    @#3 “Just imagine that money being spent to wipe out poverty in the USA.”

    Poverty is more complicated than spending. Parenting, culture, IQ and maybe even genes determine a lot of it.

    Besides, money is imaginary. A dollar or euro isn’t actually worth anything.

    Handing out green pieces of paper didn’t cause poverty and handing out even more green pieces of paper won’t solve it either.

  7. liunam says:

    #1. My first thought was ” heck, that is an expensive Chinese buffet…”

  8. PeterR says:

    So how much did the lunch itself cost, and who picked up the tab?

    …and no one answered the phone at Buffett’s Omaha office.

    They were probably, er, out to lunch.

  9. JimD says:

    Wow !!! But who leaves the tip ?

  10. Mister Ketchup says:

    First pass I didn’t read “with.”

  11. Jägermeister says:

    #7 – HMeyers – Poverty is more complicated than spending. Parenting, culture, IQ and maybe even genes determine a lot of it.

    And where do you start in changing that? School! The current school system should be completely reformed. Make it a 21st century school system. Make it easier to fire teachers who are not up to par. Hire competent teachers, provide the necessary equipment, provide an environment geared towards learning. Learn from countries that fair better. It’s not about giving out money for free… it’s about investing the money where it would do good.

    Besides, money is imaginary.

    Money is an enabler.

    A dollar or euro isn’t actually worth anything.

    Why don’t you try living a month without spending a dime and let us know if you want to be in or outside the monetary system.


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