"Power Lunches" With Buffett

Warren Buffett's surprise donation to the Bill & Melinda Gates Foundation should make his annual auction luncheon even more exciting

Clearly, Warren Buffett, the world's greatest investor, wants to make a mark as a philanthropist, too. On June 26, the Berkshire Hathaway (BRK.A) CEO signed letters giving away most of his $44 billion fortune to the Bill & Melinda Gates Foundation and four Buffett family foundations (see BusinessWeek.com, 6/27/06, "Buffett's Mega-Gift"). "In effect, Buffett has just hired Gates to work for him, without really going through the hiring process," says Mohnish Pabrai, managing partner of Pabrai Investment Funds, which invests in companies using Buffett's investing philosophy.

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