Lunch For Million: Why Do Businessmen Spend a Fortune For a Meeting With Warren Buffett?
On 3rd June, the founder of Tron Justin Sun announced he had won Buffett's online charity auction. He donated $4 567 888 for lunch with "a titan of investment." In an open letter to the community, which is posted on Medium, Sun explains what he expects from this meeting. To cut a long story short, he "looks at the upcoming lunch with Buffett as an opportunity to seek mutual understanding and growth" — CEO Tron hopes he will be able to convince the investor that blockchain and cryptocurrencies worth his attention. Seven leaders of the blockchain industry will join Sun and Buffett and they will have lunch all together.
Here is Justin Sun's recent tweet about the upcoming lunch:
"Oracle from Omaha" — who is he and what does he think about bitcoin?
Warren Buffet is one of the world's most successful investors. He runs an investment fund Berkshire Hathaway, which owns more than 60 companies, including Geico, Duracell and Dairy Queen. Buffett's fund is considered one of the biggest companies in the S&P 500 index, which puts it among with Apple, Alphabet and Amazon.
Today Warren Buffett has a wealth of approximately 85 billion dollars. He is known as the "Oracle of Omaha" for his incredible flair for profitable investments. Omaha is a city in the state of Nebraska where Buffett was born.
According to the "king of investments," there is no unique value in cryptocurrencies and bitcoin is "probably rat poison squared." Anyway, in an interview with CNBC, he called the bitcoin's underlying technology blockchain "important."
Is Buffett's auction a golden ticket?
From 2000 to the present day, Warren Buffett has been holding a charity auction. The winner gets an opportunity to eat out with him. The exact time and place of a future meeting with Justin Sun are not determined yet, but lunch usually takes place at the Smith & Wollensky steakhouse in New York. The only restriction is that the winner can not ask the "king of investments" for financial advice. The auction raises money for San Francisco-based charity Glide, which provides meals, shelter and other services for the area's poor.
Many people are dreaming of Warren Buffett to share an investment idea with them: Buffett knows how to handle money. To find out financial advice from the "oracle from Omaha," people often use various tricks and sycophancy, but Buffett ignores them. And yet, those who are lucky enough to see the great investor, feel extremely enthusiastic about this meeting. In 2008, Time magazine published a column by Guy Spair, a Zurich-based investor and CEO of Aquamarine Capital Management. He told in his column what it felt like to talk with the financial guru. Spair admitted that Buffett was very attentive, courteous and friendly and made plenty of interesting points, so spending $650,100 for this lunch "was a total bargain." Ted Weschler won the auction twice and during the second lunch he received an offer from Buffett to become one of the Berkshire's investment managers. What is interesting, he accepted it, despite the fact he succeeded in managing his own fund Peninsula. In total, the two meetings cost Weschler more than $ 5 million, but it seems that they paid off in the end.
Here are some statistics about when and who won the Buffett's charity auctions since 2000: