Lunch with Warren Buffett Sells for Record $2.1 Million

[CNBC]

China Fund Manager to Pay Record $2.1 Million for Lunch with Warren Buffett

Posted By:Alex Crippen

The big spender who won this year's "Power Lunch with Warren Buffett" charity auction with a record high bid of $2,110,100 is Zhao Danyang of the Hong-Kong based Pure Heart China Growth Investment Fund, according to a spokesperson for San Francisco's Glide Foundation.

I spoke with Zhao by telephone late tonight. He told me his investment philosophy is very similar to Buffett's and he has "lots of questions" to ask him. He's especially interested in Buffett's opinion on China and its economy, in light of the fact that country has "grown up" very quickly.

An article in Asia Times Online last February described Zhao as an early investor in China's class-A shares, who liquidated all five of his firm's mainland funds to lock in profits from that market's enormous gains. That decision, says Asia Times, was "like a stone thrown into a quiet lake" because Zhao had been praised for establishing a China fund in 2004 "when the market at the time was dominated by bears."

Zhao told me he decided to sell when price to earnings ratios grew too high and he started having trouble finding "cheap and good" stocks.
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http://www.cnbc.com/id/25421418

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