Buffett hopes for successful auction
Source: Agencies |
June 5, 2012, Tuesday
|
Print Edition
Print Edition
IT'S true that Warren Buffett hired the hedge fund manager who won the last two private lunches with him that are part of an annual auction, but he doesn't expect the event to become a recruiting tool for Berkshire Hathaway.
Rather, Buffett says it's miraculous that he found one of Berkshire's two new investment managers through the lunch. He offered Ted Weschler a job after he'd paid nearly US$5.3 million over two years to dine with Buffett.
"We're perfectly situated now in respect to money managers," Buffett said. Besides Weschler, he has also hired Todd Combs to eventually oversee the company's investments as part of Berkshire's succession planning for when the Buffett, 81, is gone.
Buffett said he just hopes the 13th annual online auction will again raise a huge amount of money for the Glide Foundation, which provides social services to the poor and homeless in San Francisco.
Bidding begins Sunday evening on eBay and continues until next Friday. Most of the big bids tend to arrive late in the auction. The previous four winning bids have all exceeded US$2 million with new records set every year. Last year, Weschler paid US$2,626,411.
"It's gone way, way, way beyond my expectations," Buffett said. "We'll see what happens this year."
Besides his business success, his philanthropy is also a draw for bidders.
Rather, Buffett says it's miraculous that he found one of Berkshire's two new investment managers through the lunch. He offered Ted Weschler a job after he'd paid nearly US$5.3 million over two years to dine with Buffett.
"We're perfectly situated now in respect to money managers," Buffett said. Besides Weschler, he has also hired Todd Combs to eventually oversee the company's investments as part of Berkshire's succession planning for when the Buffett, 81, is gone.
Buffett said he just hopes the 13th annual online auction will again raise a huge amount of money for the Glide Foundation, which provides social services to the poor and homeless in San Francisco.
Bidding begins Sunday evening on eBay and continues until next Friday. Most of the big bids tend to arrive late in the auction. The previous four winning bids have all exceeded US$2 million with new records set every year. Last year, Weschler paid US$2,626,411.
"It's gone way, way, way beyond my expectations," Buffett said. "We'll see what happens this year."
Besides his business success, his philanthropy is also a draw for bidders.
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