A person who has not revealed his identity paid US $ 19 million to have lunch with the American businessman Warren Buffett, in a charity auction of the NGO Glide, which helps low-income people.
The bid, held on Friday night in San Francisco (California, USA), broke a historical record in the charity auctions that Glide organizes each year together with the eBay company.
“The winner has decided to remain anonymous,” the NGO reported in a statement about the auction, which started with a starting price of $25,000 and closed with $19 million.
The prize consists of lunch with Buffett, one of the richest men in the world, and up to seven guests at a well-known New York steakhouse.
The funds raised serve to finance the work of Glide, which helps thousands of homeless people. The NGO began auctioning off dinners with the businessman in 2000, and has since raised more than $53 million.
The NGO began to auction dinners with the businessman in 2000
Buffett, 91, the chairman of Berkshire Hathaway, said his experience at these dinners has been “good” and that over the years he has met “a lot of interesting people from all over the world.”
“On behalf of Glide, I thank Warren Buffett for his unwavering generosity, his dedication, and his contribution to our mission,” said Glide President Karen Hanrahan.
Berkshire Hathaway manages a wide variety of businesses including insurance, energy, rail and retail products.
Inflation: what Buffet recommends investing in
Although in Argentina we are accustomed to a inflation high annual rate, this situation is unusual in the United States, which had year-on-year inflation in May of 8.6%, a price level not seen in more than four decades. In this context, investors must learn how to deal with this monetary phenomenon through the capital market, and for this, what better than taking into account the recommendations of Warren Buffet.
In 1981, the legendary investor in charge of Berkshire Hathaway wrote what characteristics a company you want to invest in through stock purchases should have when the economic scenario that surrounds us is that of uncontrollable inflation and with a United States Federal Reserve (Fed) that cannot reduce it by raising interest rates.
First, Buffett said that companies must have the ability to increase profits. prices of your goods and services without significantly affecting sales. This means that they have to market necessary products that are consumed regardless of the macroeconomic situation.
They must also be able to grow and expand the business without spending inordinate amounts of money. If it continues to grow in times of inflation, its Actions they should also do so to a similar extent.
These characteristics can only be observed by analyzing the economic situation general and reading the balance sheets of each company, and not simply investigating the historical evolution of their prices.
The United States had year-on-year inflation of 8.6% in May
Although it seems to be difficult, the reality is that it is a necessary step to protect the inflation savings and thus try to maintain purchasing power over time.
Warren Buffett on how to succeed professionally in crisis
Inflation, the economic effects of the Ukraine War and the results of some companies, especially technology companies, are beginning to cause the conversation that the current period of economic complications is more durable that something conjunctural goes more and more.
Although no one has a crystal ball to know how best to act, if someone has a good track record and experience to have overcome difficult moments, it is, without a doubt, Warren Buffet.
The CEO of Berkshire Hathaway explained last month, in his company’s earnings presentation, that all professional can take certain measures to protect yourself from its effects, going beyond the investment level to delve into advice applicable to any business or even professional career.
Buffett says that the best thing anyone can do to hedge against inflation is to be “exceptionally good at something.” It seems a simple advice and at the same time complicated to carry out, but Buffett gives as an example the medical professions and specialized lawyers. “[La gente] it will always give you something of what it produces in exchange for what you give if it is unique or very valuable. It’s the only thing we should be concerned about,” the 91-year-old investor said.
Buffett, one of the most visionary
Exploit skills, a tip from Buffett
Buffett added that skills, unlike products, are foolproof. inflation. if you have one skill that is in demand, will continue to be in demand no matter how much it costs.
“The abilities you have cannot be taken away from you. They can’t really be inflated,” he said. “The best investment, by far, is anything that develops you, and it’s not taxed at all.”
It is advice similar to that Buffett shared in 2009, in the midst of the economic crisis, when the then 78-year-old investor said that “the best thing to do is to invest in yourself.”
At the time, Buffett also said that the next best thing a person can dos invest in “a wonderful business” that manufactures products that are in demand regardless of the evolution of the dollar.
He used the example of Cola-Cola as an example, saying that people will still be drinking their favorite soft drink decades from now, with inflation playing no part in their decision. “It doesn’t matter what has happened to prices,” Buffett said, because people will continue to pay for the products they love.