Chart of the week: the price of a power lunch with Warren Buffett
Since 2003, the price of having lunch with the Sage of Omaha has outstripped the shares in his company, Berkshire Hathaway.
Ever since 2000, US investment giant Warren Buffett has held an annual auction for Glide, a San Francisco homeless charity. The prize is a steak lunch with the 84-year-old Sage of Omaha himself. The winners can take up to eight people to meet him. Since 2003, when the auction went online to eBay, prices have surged.
In 2003, renowned short seller David Einhorn paid $250,100. Prices peaked in 2012, when an anonymous bidder paid $3.4m. They then dipped to $1m before bouncing back. Dalian Zeus Entertainment, a Chinese online games development company, won this year's meal; its winning bid was $3.2m.
Prices for the Buffett lunch have risen much faster than shares in Buffett's investment vehicle Berkshire Hathaway, or restaurant meals in general, notes the FT's Stephen Foley. The price of the lunch is up by 838% since 2003, while the cost of the food is only up 41%.
Article continues belowTry 6 free issues of MoneyWeek today
Get unparalleled financial insight, analysis and expert opinion you can profit from.
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
