– This is the script of CNBC's news report for China's CCTV on September 9, Wednesday.
Welcome to CNBC Business Daily, I'm Qian Chen.
As you often hear people say, "there's no free lunch."
But what's the most expensive lunch?
The Oracle of Omaha, Warren Buffett was in New York for the annual Glide charity lunch.
This year's winner, Chinese gaming company Da Lian Zeus Entertainment, paid 2.35 million dollars for the privilege
The proceeds go to GLIDE, which runs anti-poverty programs in San Francisco.
Let's take a look at previous bid winners and what they got from the 3-hour lunch with Buffett.
Year 2010-2001...Ted Weschler
Year 2008, pureheart capital
Year 2007 Guy Spier
As we can see, the price for this lunch has jumped by 100 times.
How does this growth rate compare with Buffett's investment performance?
Berkshire Hathaway for the past 15 years...
But according to the Fortune Magazine, it appears to have lost $11.2 billion in value from its stock market investments, on paper at least, during the worst of the downturn from mid-July to the end of August. That represents a 10.3% drop.
But as a long term value investor, Buffett told CNBC that he's not worried about the recent volatility.
[BUFFETT] "Well I'm no good on what's going on in mkts, I have no idea what will happen tmrw or next week and sometimes they get very volatile like this, other times they put you to sleep but important thing is where they're going to be 5/10 years and I'm confident they'll be considerably higher in 10 years and I really have no idea where they'll be in 10 days or 10 months"
One of his investments... IBM... has declined by more than 22% YTD. But Buffett told CNBC, he has bought more in the Q3.
[BECKY] "you know when we spoke with you on the phone, it was Aug 10th, you kind of hinted that you're buying more shares of IBM in the second quarter, those findings came out and kind of surprise us that there weren't any additonal purchases in the second quarter?"
[BUFFETT] " I owe you one on that, I thought I was buying in that quarter , we bought it in the first quarter and normally I wouldn't tell you this but we bought some in the third quarter and I actually thought there were purchases 041828 I wouldn't have said that because I thought the numbers were going to be higher. But I was wrong so I have to tell you we have bought a little in the third quarter, we did buy in the first quarter as well"
CNBC's Qian Chen, reporting from Singapore.