Guy bids $2.1 Million for Lunch With Warren Buffett on eBay, Then What Does He Do?

[TimPhelan]

I remember when this guy won the eBay auction for lunch with Buffett. I wondered what he would do when he had his lunch.

Well, perhaps it wasn't so much the lunch that mattered, but what the guy told the media before the lunch. He told them he was going to give Buffett a stock tip on a little known Chinese retailer called WuMart. Well, the market reacted to the story and even before the lunch with Buffett, the stock started rising and in a few days it had risen 25% and his investment in the company was up $16 million!

So, his $2.1 million lunch date could be a $14 million plus return if he decided to sell now. Pretty smart guy.

http://www.nytimes.com/2009/07/04/bu...2&ref=business

[falcon_warrior]

Wow, if he'd predicted that, he sure is a smart guy. I wonder how much warriors would pay to have lunch with a guru? And what the ROI would be? Just a random thought.

[Paul M]

Hi, FW.

He didn't predicted it, he used the media hype to send the stocks up by name dropping.

Still a smart move on his part. I wonder if there's any laws or regulations against doing such things?


-Paul

[falcon_warrior]

I see, thanks for clearing it up. Well, I only know that you can't do insider trading, and all these profits were merely from speculation. Any traders would like to tell us more about the laws etc?

[derekwong28]

I am really sick of hearing this stuff. The Hong Kong and China markets are among the worse in the world in terms of market manipulation and insider trading. This person wouldn't have got this far without knowing how to game the markets.