Warren Buffett’s New Hire Isn’t Kidding Around When It Comes to Lunch

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Weschler. I'll have what he's having.
Weschler. I'll have what he's having. Photo: < a href="http://www.flickr.com/photos/jaquith/3460859051/sizes/m/in/photostream/">Janis Jaquith's flickr

Is this what it takes to land a job in this economy? Every year, Warren Buffett auctions off a lunch with himself for charity. In 2000, the first year he did so, the price was $25,000. By 2010, the winning bid was $2,626,311. This year the same person, Ted Weschler, won the lunch again by bidding $100 more than the previous year. The combined investment for a few hours of Buffet's time totaled more than $5 million. Which would seem silly — if Berkshire Hathaway hadn't just announced Weschler's hire. The successful hedge-funder, who runs Peninsula Capital Advisors, will join the company as an investment manager. He apparently impressed Buffet so much at their first meal (they actually did dinner, despite the terms of the auction, at a favorite Buffet spot in Omaha) that by this year's July 26 bought-and-paid-for confab, the Oracle offered Weschler the gig. Whaddya think he tipped his waiter?

Meet Ted Weschler: Buffett auction winner, Berkshire's new hire [Fortune]