Lunch With Buffett Brings a Record Price SHAKERS MARKETPLACE By Bloomberg

Jul 02, 07:37 AM

Current Headlines: By James Temple

A lunch with the billionaire investor Warren Buffett sold for $650,100 in an annual charity auction on eBay, exceeding the record of $620,100 last year.

The winners in the Friday auction were Monish Pabrai, 43, managing partner of Pabrai Investment Fund in Irvine, California; and Guy Spier, who runs the Aquamarine hedge fund. Pabrai put up about two-thirds of the bid and Spier the rest.

Pabrai, Spier and six guests will get the undivided attention of Buffett, the chairman of Berkshire Hathaway, over lunch at the Smith & Wollensky steakhouse in New York. Buffett, 76, typically devotes two and a half to three hours to the group. Virtually anything but a specific stock is fair game for conversation.

"It will be a family meal with Uncle Warren," said Pabrai, who plans to take his wife and two children.

Buffett took control of Berkshire Hathaway, based in Omaha, Nebraska, in 1967, transforming a failing textile manufacturer into a $165 billion holding company with dozens of businesses ranging from utilities to carpet making.

Each year, thousands of admirers and shareholders descend on Omaha to hear his advice on investments, corporate governance and economics at Berkshire's annual meeting.

Pabrai said he had learned a great deal from Buffett about investing and life. "This is as close as I can come to paying off the tuition that's due," he said.

Pabrai bid unsuccessfully in four previous Buffett auctions. Last year, he and Spier made a combined offer exceeding $500,000.

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