Not Lunch With Buffett

Each year there is a raffle for lunch with Warren Buffett to benefit the Glide Foundation, a charity in the San Francisco Tenderloin District that serves the poor, homeless, or those battling substance abuse.  This year, the price paid was approximately $4.57 million.

I think it is admirable that 1) Mr. Buffett would assist the foundation in this way and 2) that someone would donate that much money to help those in need.  I know nothing of the foundation other than of its existence and the annual charity.  Hopefully, it is well-run and not just a way for a handful of people to become wealthy off of the charitable tendencies of good people as so many so-called charities are.

If we set aside the charitable nature of the auction for a moment and think about paying for the privilege of having lunch with Mr. Buffett, the concept falls into a completely different light.  Mr. Buffett is known for his sagacity in the world of investment and has led his Berkshire Hathaway company to an extreme level of success while building his own Net Worth to a level seen by only a few.  It is assumed that lunch with him would provide the opportunity to garner a glimpse into that ability to accumulate wealth and allow for probing questions that would enlighten the purchaser of his time so they might recreate that success.

The people that most need that opportunity are least likely to be able to afford such a lunch.  The people who are most likely to be able to afford such a lunch are those least likely to need it.

I've been fortunate through the years to have the chance to interact with some very successful people and also with some people who had a lot of money.  They aren't necessarily the same group of people although both groups tend to have accumulated a large Net Worth.  Those who have that Net Worth by virtue of inheritance are often not particularly successful -- although there are exceptions.  Those who have built it from more modest beginnings all have a few things in common:  1)  They are focused on a few things and tend to stick to their core business.  2)  They work hard, but they also work "smart."  3)  When they take risks, they are based on thorough research that gives them a good assessment of their odds of success.  4)  They surround themselves with people who will challenge their assumptions and are above average intelligence.  5)  They believe in what they are doing -- they are passionate.

I think these are the kinds of things one would learn from lunch with Warren Buffett.  I don't know, I've not had that opportunity and I wouldn't pay to have it.  I have seen similar things written about him though as being things he has said.

If you will send me a private message I'll be happy to let you know where to send your donation.  I would prefer it be paid directly to me, but if you want it to go to a charity, just let me know which one and I will pass it on....