The Oracle of Love: How lunch with Warren Buffett changed Guy Spier’s life

Every year Warren Buffett auctions off a private lunch to benefit the San Francisco based GLIDE Foundation. Since 2000 the legendary Oracle of Omaha has raised more than $18 million on these lunches. This year the winning bid was $2.2 million, well shy of the $3.5 million record of 2012, but nothing to sneeze at either.

In exchange for the donation winners get the pleasure of Buffett’s company at the restaurant of their choice (though Manhattan steakhouse Smith & Wollensky usually hosts the event unless the winner wants to remain anonymous). The famously opinionated Warren Buffett sets only one precondition when it comes to topics: he won’t discuss his next investment. Other than that he’s an open book.

In June of 2008 Guy Spier and his friend Mohnish Pabrai won the auction with a bid of $650,100. An Oxford and Harvard Business School educated New York money manager with a new fund and a tainted resume, Spier went into the meeting looking for an insight that would help him become the next Gordon Gekko, or at least Bill Ackman.

Michael Mauboussin: Here’s what active managers can do

michael mauboussin, Credit Suisse, valuation and portfolio positioning, capital markets theory, competitive strategy analysis, decision making, skill versus luck, value investing, Legg Mason, The Success Equation, Think Twice: Harnessing the Power of Counterintuition, analysts, behavioral finance, More Than You Know: Finding Financial Wisdom in Unconventional Places, academics , valuewalkThe debate over active versus passive management continues as trends show the ongoing shift from active into passive funds. Q2 2020 hedge fund letters, conferences and more At the Morningstar Investment Conference, Michael Mauboussin of Counterpoint Global argued that the rise of index funds has made it more difficult to be an active manager. Drawing Read More

Spier describes the person he was going into his lunch with Buffett in his book, “The Education of a Value Investor.” ….

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How lunch with Warren Buffett changed Guy Spier’s life