News, analysis and personal reflections on the markets & the financial sector

Saturday, July 19, 2008

Chinese fund manager goes for a Buffett

A Chinese fund manager spent $2.11 million on a lunch he has yet to eat last week.

Zhao Danyang made the seven-figure winning bid at an eBay charity auction - which offered the opportunity to have a meal with investment legend Warren Buffett.

The bidder, who runs the Pureheart China Growth Investement Fund in Hong Kong, will now be lunching with the richest man in the world at New York's Smith & Wollensky steakhouse.

Mr Buffett - whose previous investments include American Express and Coca-Cola - began the annual eBay lunch dates in 2000, with all winning bids going to his philanthropic Glide foundation.The billionaire has recently pledged that the majority of his fortune will go to charity after his death.

This year's winning bid also shows an annual growth which, it is likely, was much appreciated by the so-called Sage of Omaha: last year's winner, California-based Mohnish Pabrai, paid just $650,000 for the lunch.

Warren Buffett, chairman of Berkshire Hathaway Inc., right, poses for photographers with Zhao Danyang, director of Pureheart Asset Management, left, and his son Zhao Ziyang at Smith & Wollensky steakhouse in New York, U.S., on Wednesday, June 24, 2009. Danyang , the hedge fund manager who paid more than $2.11 million to have lunch with Buffett, said he owed his firm's 600 percent return over the past six years to lessons he learned from the Oracle of Omaha.

No comments: