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Auction of lunch with Warren Buffett expected to raise more than $2 million
Buffett auction raises cash for charity
OMAHA, Neb. | It’s true that Warren Buffett hired the hedge fund manager who won the last two private lunches with him that are part of an annual auction, but he doesn’t expect the event to become a recruiting tool for Berkshire Hathaway.
Rather, Mr. Buffett says it’s miraculous that he found one of Berkshire’s two new investment managers through the lunch. He offered Ted Weschler a job after he’d paid nearly $5.3 million over two years to dine with Mr. Buffett.
“We’re perfectly situated now in respect to money managers,” Mr. Buffett told the Associated Press. Besides Mr. Weschler, Mr. Buffett has also hired Todd Combs to eventually oversee the company’s investments when the 81-year-old Mr. Buffett is gone as part of Berkshire’s succession planning.
Mr. Buffett said he just hopes the 13th annual online auction will again raise a significant amount of money for the Glide Foundation, which provides social services to the poor and homeless in San Francisco.
Bidding began Sunday on eBay and continues into Friday evening. Most of the big bids tend to arrive late in the auction. The previous four winning bids have all exceeded $2 million with new records set every year. Last year, Mr. Weschler paid $2,626,411. He did not respond to a message last week.
“It’s gone way, way, way beyond my expectations,” Mr. Buffett said. “We’ll see what happens this year.”
Besides his business success, Mr. Buffett’s philanthropy is also a draw for bidders. Mr. Buffett has slowly given away the bulk of his fortune since 2006. The plans are to eventually divide most of his shares of Berkshire stock between five charitable foundations, with the largest chunk going to the Bill & Melinda Gates Foundation.
Mr. Buffett and Mr. Gates have also been encouraging other wealthy people to give away at least half of their fortunes. Nearly 80 of the nation’s wealthiest families have signed the pledge.
The auction provides a significant portion of the Glide Foundation’s roughly $17 million annual budget. Mr. Buffett’s late first wife, Susan, introduced him to Glide’s founder, the Rev. Cecil Williams, after she became a supporter of the charity.
Mr. Buffett said he was impressed by the work Glide does in helping people for whom the world has forgotten to find hope again.
“I just think what they do is extraordinary,” Mr. Buffett said.
“He let us know that he was going to make sure things will work,” Mr. Williams said. “We’re just very excited about it again this year.”
Mr. Buffett has said that his prostate cancer was detected early and isn’t remotely life-threatening. He plans to undergo six weeks of radiation treatments starting in mid-July.
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