Sunday, February 25, 2018
"These two men paid over $650,000 for lunch with Warren Buffett—here are 3 things they learned"
The average American spends just over $1,000 a year getting lunch at restaurants. But investors Guy Spier, 52, and Mohnish Pabrai, 53, spent $650,100 on just one lunch, although it was for a very special reason: They got to dine with billionaire Warren Buffett.
The businessmen purchased their high-priced lunch in 2007 as part of an annual charity auction for Glide Foundation, which helps the homeless and impoverished get back on their feet. Last year, the bidding price topped the million dollar mark—a steep climb from the $25,000 winning bid when the yearly auction began in 2000.
While some may scoff at paying such an exorbitant fee for a 2½-hour lunch, even if it is with Buffett, Spier and Pabrai told CNBC's Squawk Box in 2010 that it was "worth every penny."
"I think we would have been willing to pay a lot more than that," said Pabrai. "Well worth it."
Not only was the experience "fantastic," according to the two investors, but they also walked away with three key business lessons:
1. Approach everything with integrity
2. Get comfortable saying 'no'
3. Do what you love