Chinese hedge fund manager, Zhao Danyang, last year agreed to pay more than $2 million for lunch with Warren Buffett, hoping the Oracle of Omaha would impart more valuable lessons, reports Reuters.
Zhao spent most of yesterday’s three-hour New York steakhouse lunch listening to the Berkshire Hathaway CEO, comparing Buffett’s view to his own.
Zhao’s bid last year was three times the previous record for the lunch,and the largest ever for an EBay-sponsored charity auction. Theproceeds benefit the Glide Foundation, a San Francisco-based charitywhere Buffett’s late first wife volunteered.
Zhao told Reuters that Buffett said, “You’re lucky to be in China.”
“China has so many clever people, there’s no doubt that someone will stand out in the game of investing,” said Buffett.
Zhao’s invested $2 million six years to buy into Hong Kong-based Pureheart Asset Management Company, and since then he has seen a 600 percent return.
Zhao brought a 10-year-old copy of a Buffett book with him that he told reporters provided early lessons in how to invest as he and six friends lunched with Buffett at Smith & Wollensky’s in Manhattan.
“Buffett agreed with some of my views, which emboldens me to make some big bets in the future,” said Zhao. “Unlike Buffett, I’m still young and haven’t witnessed many cycles. His views will benefit my whole life.”
Zhao presented Buffett with a bottle of Moutai, a blistering Chinese liquor, and some Chinese medicine. He also presented him with several annual reports of Beijing-based supermarket chain, Wumart, which Zhao said is heavily weighted in Pureheart’s portfolio.
“I like this company very much, and I hope Buffett can give it his thoughts.”