NEW YORK: The hedge fund manager that won Warren Buffett's annual charity auction said the $1.68 million price for a steak lunch with the billionaire is "an investment in our future" amid the global recession.

Salida Capital, with about $300 million in assets under management, was today identified as the winning bidder by the Glide Foundation, the charity that is the beneficiary of the funds raised in the auction. The bidding for the 10th-annual event ended on EBay Inc's website on June 26.

Salida and its chief executive officer, Courtenay Wolfe, won the right to query Buffett about his investment philosophy and outlook for the economy. The bid by the Toronto-based firm was 20 percent less than last year's record $2.11 million, the largest amount ever for an EBay-sponsored charity auction.