OPINION: There will never be another Warren Buffett, but there are resemblances to him. Here are my candidates to continue the charity lunch tradition, writes Lawrence A. Cunningham, founder of the Quality Shareholders Group.
There may be no such thing as a free lunch, but $1.5 million? That’s the average paid to dine with Warren Buffett in his annual auction to raise money for charity. Bidding for this year’s lunch, which the 91-year-old Buffett says will be his last, ends on June 17. As of June 16, the leading bid on eBay currently exceeds $3 million.
About his time with Buffett, Pabrai told me: “Warren’s focus at these lunches is to make sure the winners think they got a bargain. He tries to set no time limits and answers questions in ways likely to have life changing impacts on the winners. It is the best $650,000 we ever spent. Massive bang for the buck.”
People may not bid millions of dollars to break bread with the famed investor’s offspring, at least not at first, but that was true of the early Buffett lunches. The first three went for five figures , the next six for six figures , and it wasn’t until year eight that the winning bid broke $1 million.
Weschler would be a particularly good successor, as he is a two-time winner of the Buffett lunch — in 2010 and 2011, with bids $100 apart: $2,626,311 and the next year, $2,626,411. Shortly thereafter, Buffett offered Weschler a job at Berkshire.
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