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.
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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