Chinese fund manager goes for a Buffett

1 July 2008

A Chinese fund manager spent $2.11 million on a lunch he has yet to eat last week.

Zhao Danyang made the seven-figure winning bid at an eBay charity auction - which offered the opportunity to have a meal with investment legend Warren Buffett.

The bidder, who runs the Pureheart China Growth Investement Fund in Hong Kong, will now be lunching with the richest man in the world at New York's Smith & Wollensky steakhouse.

Mr Buffett - whose previous investments include American Express and Coca-Cola - began the annual eBay lunch dates in 2000, with all winning bids going to his philanthropic Glide foundation.

The billionaire has recently pledged that the majority of his fortune will go to charity after his death.

This year's winning bid also shows an annual growth which, it is likely, was much appreciated by the so-called Sage of Omaha: last year's winner, California-based Mohnish Pabrai, paid just $650,000 for the lunch.

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