Meal deal: $1M lunch with Warren Buffett
An anonymous auction winner will dine with the 'Oracle of Omaha' for the lowest price in 6 years.
Millionaires normally shell out $3 million to $4 million to have lunch with Buffett at Smith & Wollensky in New York. The lunch is auctioned off annually to raise funds for Glide, a San Francisco charity.
But this year's winner is paying the lowest amount in six years: $1,000,100. The anonymous winner was the highest bidder in a five-day auction on eBay (EBAY), Reuters reported. The auction received 106 bids.
The charity supported by the auction was stunned at the low amount, reports the San Francisco Business Times. Some auction observers wondered if there had been a glitch in eBay's system, but eBay said that was not the case, wrote reporter Mark Calvey. Last year's winning bid of $3.5 million contributed about 20% of Glide's annual budget. The charity is now facing budget cuts.
Sometimes the Buffett lunch is money well spent. Fund manager Ted Weschler won the auction in 2010 and 2011, spending $2.6 million each time, and later accepted an offer of employment from Buffett to join Berkshire Hathaway (BRK.A).
So what happened this year? Is it some form of Buffett deflation? Or maybe rich fund managers now have better ways to spend their money?
More on moneyNOW
- 9 things to know about Edward Snowden
- Meet the state with America's strongest economy
- What's the point of car dealerships anymore?
The only person that ever walked this earth I would pay to have lunch with is Jesus Christ. And he's probably the only person that ever walked this earth that wouldn't accept the money.
I would like to have pie and coffee with Warren, just interesting to talk to...Not pick his brain.
I would pay for the pie and coffee for both...And maybe the tip??
Kinda afraid to Lunch with Jesus, Possibilty that I could burst into flame...
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The stock market finished the Wednesday session on an upbeat note with the Nasdaq (+1.3%) ending in the lead. The S&P 500 settled higher by 1.1% with all ten sectors posting gains.
The benchmark index spent the entire trading day in the green, rallying to new highs during the last hour of action. The tech-heavy Nasdaq, meanwhile, briefly dipped into the red during morning action, but was able to recover swiftly.
Stocks began the trading day with modest gains ... More
More Market News
The company is scrambling to protect its equities arm, which could face declining volume and revenue as competitors close the gap.
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'