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Zhao ready for luncheon date with Warren Buffett

By Bi Xiaoning (China Daily)
Updated: 2009-06-23 08:01

While most people are curious to see whether the economic turmoil would have its impact on legendary investor Warren Buffett's lunch auction this year, last year's winner Zhao Danyang is scheduled to collect his prize by dining with Buffett on Wednesday.

Zhao, who runs Hong Kong-based Pureheart China Growth Investment Fund, spent about $2.11 million last June to win a chance to dine with Buffett this year. The previous record was $650,100.

As in recent years, the auction winner and up to seven friends may dine with Buffett at the Smith & Wollensky steakhouse in New York.

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Before his trip to New York, Zhao said he had found the answers for many puzzling problems that emerged last year and he was keen on "verifying" the answers with Buffett.

"Buffett has posted much information to me in the past one year and I feel I have made great progress. Experiencing a bull market in 2007 and a bear market in 2008, I have found the answers to most of my questions and will verify these at the dinner," Zhao said in an interview with the Chinese-language newspaper Economic Observer.

Recollecting last year's auction, Zhao said he was quite lucky, as he modified the upper limit from $1.5 million to $2.12 million on the last auction date and finally won the bid.

This year's online bidding began at $25,000 last Sunday on eBay website and will continue till June 26. It remains to be seen if the global recession keeps the winning bid below last year's record $2.11 million.

Zhao Danyang

The world's second-richest person is auctioning the lunch for a 10th straight year to benefit the Glide Foundation, a nonprofit organization in San Francisco's Tenderloin district that offers housing, job training, health and child care, and meals for the poor.

Buffett, who is Berkshire's chairman and chief executive, is primarily known for his investment success.

Li Daxiao, director of the research institution at Yingda Securities, said: "China's A-share market is just 20-years old, but Buffett's investment philosophy has influenced many generations. More and more Chinese investors are learning from Buffett and I also admire him very much."

Like many Chinese people, Zhao has read most of the books written by Buffett. The fund manager also has ambitions to expand his business to the Wall Street.

"I would like to be one of the pioneers to start business in the world's financial center and also to be familiar with the rules. I think it's a good thing for our country if more and more Chinese do business in a worldwide capital market," said Zhao.

"About 10 years ago, I read a book written by Buffett and my success started since then. I will take this book to the US and also take a picture with the author," said Zhao.