Oh shucks! Auction for lunch with billionaire Warren Buffett not meeting expectations

Auction for lunch with billionaire Warren Buffett not meeting expectations

The annual charity auction of a steak lunch with billionaire investor Warren Buffett, which raised a record $2.11 million last year, is off to a slow start.

The high bid was just $70,100 as of 5:05 p.m. Tuesday in the 10th annual fund-raiser, which began Sunday on eBay. The auction ends Friday.

It was unclear how the recession will affect this year's bidding. In previous auctions, a flurry of activity typically drove the winning bid higher in the last couple of hours.

The winner and up to seven friends may dine with the world's second-richest person at New York's Smith & Wollensky steakhouse. The auction benefits San Francisco's Glide Foundation, which offers housing, job training, health and child care, and meals for the poor.

Zhao Danyang, the hedge fund manager who paid more than $2.11 million to have lunch with Buffett last year, said he owed his firm's 600% return over the past six years to lessons he learned from Buffett and his books.

http://www.nydailynews.com/money/2009/06/24/2009-06-24_auction_for_lunch_with_billionaire_warren_buffett_not_meating_expectations.html

Oh shucks! Auction for lunch with billionaire Warren Buffett not meeting expectations

Oh shucks! Auction for lunch with billionaire Warren Buffett not meeting expectations

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