Is there anyone living you would pay $16k to eat lunch with?

gonores · #1 12-19-2005, 07:45 PM

For me, it'd be a no-brainer. With the basic investing sense I already have and my current net worth, combined with future earnings potential, I'd know how to get my $16k worth out of that lunch.

I guess I may have overestimated how many people would be making a +EV decision by eating lunch with Buffett, but if you knew what to ask him and what to do with his answers, you don't need much in terms of assets to make him worth your while. There are a lot of smart people who work very hard to make sure Mr. Buffett's money is well-invested. I definitely think the work put into those decisions, combined with Buffett's knowledge and hard work is worth more than 16k.

Ulysses · #2 12-19-2005, 07:52 PM

gonores,

That's a pretty silly post. Makes you sound both arrogant and ignorant, imo.

You vastly overestimate how much you're going to take away from a lunch w/ Buffett.

You will get far more out of reading and studying his writings/actions than having lunch with him.

It's not like you're going to have lunch and he'll be like "well, gonores, here's my tip. My team has been working hard analyzing every company around and CRUNK!!! Energy Drink is definitely going to be the next Coca-Cola. Get in now!!!!!"

Edited to add: If this were something like 16k to be an intern/assistant to Buffett for a year, whole different ballgame.

Gunny Highway · #3 12-20-2005, 09:26 AM

[ QUOTE ]
You vastly overestimate how much you're going to take away from a lunch w/ Buffett.

You will get far more out of reading and studying his writings/actions than having lunch with him.

It's not like you're going to have lunch and he'll be like "well, gonores, here's my tip.

[/ QUOTE ]

You might be underestimating what you can learn from him in an hour or two, El D. Also, i think a stock tip is part of the lunch thing. [img]/images/graemlins/smirk.gif[/img]

LearnedfromTV · #4 12-19-2005, 08:32 PM

[ QUOTE ]
For me, it'd be a no-brainer. With the basic investing sense I already have and my current net worth, combined with future earnings potential, I'd know how to get my $16k worth out of that lunch.

I guess I may have overestimated how many people would be making a +EV decision by eating lunch with Buffett, but if you knew what to ask him and what to do with his answers, you don't need much in terms of assets to make him worth your while. There are a lot of smart people who work very hard to make sure Mr. Buffett's money is well-invested. I definitely think the work put into those decisions, combined with Buffett's knowledge and hard work is worth more than 16k.

[/ QUOTE ]

This was my first thought too. There was a charity auction a while back that got way more than 16K, by the way.

Also, whoever said "just read the Intelligent Investor, it has his whole investment philosophy" is *far* from correct

Which is not to say that the lunch would be worth 16K unless you have significantly more than 16K in investable assets. Like several hundred thousand at the minimum. I'm sure an hour conversation could make you a notch or two better as an investor, if you already know what you are doing and ask the right questions, but it's not like he's giving away a monster tip or a magic formula. Anyone who has followed his career should know that.

My answer to the OP is no one. If i had a couple million, there might be a few.

Ulysses · #5 12-19-2005, 08:38 PM

L4TV,

What exactly are you going to get out of this lunch that will make it worth the 16k?

Edited to add: The reason people pay that much in a charity auction to have lunch w/ Buffett is to give to charity and get a tax deduction and have lunch w/ Buffett, not to get 16k+ worth of investment advice.

Edited again after L4TV's edit to add: If an hour lunch makes you a notch or two better investor, then you were probably a pretty crappy investor to begin with and it is highly unlikely you would really be able to take advantage of whatever information he is discussing.

LearnedfromTV · #6 12-19-2005, 08:40 PM

[ QUOTE ]
L4TV,

What exactly are you going to get out of this lunch that will make it worth the 16k?

Edited to add: The reason people pay that much in a charity auction to have lunch w/ Buffett is to have lunch w/ Buffett, not to get 16k+ worth of investment advice.

[/ QUOTE ]

I agree. Edited my post while you were writing.

LearnedfromTV · #7 12-19-2005, 08:48 PM

[ QUOTE ]
Edited again after L4TV's edit to add: If an hour lunch makes you a notch or two better investor, then you were probably a pretty crappy investor to begin with and it is highly unlikely you would really be able to take advantage of whatever information he is discussing.

[/ QUOTE ]

Responding to be a nit: You really think someone with, oh, $1.6M in assets couldn't pay for the lunch within a year by improving his return by .1%? I said notch, not leap.

Getting off-topic though. I'll throw Joe Dumars out there, if 16K didn't affect me much. Favorite player growing up, architect of the best team in the NBA....

Ulysses · #8 12-19-2005, 08:55 PM

L4TV,

That is not how investing works. That ".1% aha nugget" is just as likely to come from watching some imbecile like Jim Cramer on TV for an hour as it is to come from Buffett. In fact, for the educated investor, it's probably more likely to come from some moron than from Buffett.

LearnedfromTV · #9 12-19-2005, 10:39 PM

[ QUOTE ]
L4TV,

That is not how investing works. That ".1% aha nugget" is just as likely to come from watching some imbecile like Jim Cramer on TV for an hour as it is to come from Buffett. In fact, for the educated investor, it's probably more likely to come from some moron than from Buffett.

[/ QUOTE ]

"That's not how investing works" - Thanks coach. I'm not Buffett but I'm not a two year old.

I'm not talking about a hot tip. I only used the .1% (I was off by a factor of 10, i'm surprised you didn't notice) to make the point that it wouldn't take much additional insight to make the conversation worthwhile for someone with enough money, especially when you consider that whatever you learn can be applied for many years, not just one. Insight into the process, not a special valuation trick. An hour or two is not a long time, but it's not a short time either, for a one-on-one.

samjjones · #10 12-20-2005, 02:48 PM

[ QUOTE ]
just as likely to come from watching some imbecile like Jim Cramer on TV for an hour as it is to come from Buffett.

[/ QUOTE ]
I hadn't seen Cramer in a couple of years until I channel surfed onto his show the other day. When did Jim Cramer become Champ Kind from "Anchorman"?