Ted Weschler Paid $5,252,722 for Job at Berkshire

Sep 12, 2011
J. Webster
Comments Off on Ted Weschler Paid $5,252,722 for Job at Berkshire

You could say Ted Weschler really wanted to have lunch with Warren Buffett. You might even also say paying the $5,252,722 to have lunch with Buffett, twice, turned out to be worth it since he got a job out of it. In times like these sometimes you have to go out of your way to make your resume stand out. If that doesn’t work, then buy them lunch.

And how did Buffett get to know Weschler? It’s here that fact becomes stranger than fiction.

Every year, Glide, a San Francisco church and mission, is the beneficiary of an auction in which the prize for the top bidder is a private lunch with Buffett.

In the first year of the lunch, 2000, the winner donated $25,000 to Glide. The auction price then proceeded to skyrocket, and in 2010, an anonymous bidder won with an amazing $2,626,311 bid.

Then, this year, a bidder also wishing to be anonymous won by upping that bid by $100, to $2,626,411.

So here, in a state of affairs being disclosed publicly for the first time, is the fact: Weschler was the winning bidder in both years.

In neither year, since he was trying to stay under the radar, did he wish to have lunch in New York, whose Smith & Wollensky steakhouse has usually hosted the lunch — and given generously to Glide itself.

The lunch (or dinners, as they turned out to be) were instead held in both years, at Weschler’s request, in Omaha. Buffett picked the site, one of his favorite restaurants, Piccolo’s (whose ambiance is pervasively casual).

Meeting in July, 2010 for the $2,626,311 dinner, the two men liked each other right away. Buffett learned about Weschler’s investment success and how he achieved it—the ‘how’ being as important to Buffett as the gains themselves.

Full story at: Forbes

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