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Warren Buffett Lunch Winner: I Won't Profit From Stock Tip Windfall
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The New York Times relates how shares of WuMart soared about 25 percent in the days after after Zhao Danyang said he planned to tell Buffett about the company during their June 24 steak lunch in New York City. As a result, Zhao's holdings in WuMart increased in value by about $16 million.
David Barboza, writing from Shanghai for the Times, says Chinese bloggers are "feasting" on Zhao, suggesting he "cleverly turned what looked like an expensive $2.1 million lunch date into a short-term gain of $14 million."
But a "clearly annoyed" Zhao tells the Times, "I didn't want to influence the market. It was just a tip from a friend."
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And, says Zhao, as a buy-and-hold Buffett disciple, he has no plans to sell his shares to lock in a short-term windfall.
In Hong Kong trading, WuMart shares are well off the high they reached just after Zhao's lunch, but are still up about 3 percent from earlier in June. They've soared over 60 percent year-to-date.
Current Berkshire stock prices:
Class A: [US;BRK.A
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Class B: [US;BRK.B
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