It's a Beautiful Day: Bono Serenades Buffett

A moment for the ages this week, when U2's frontman Bono serenaded Warren Buffett at the Forbes Summit on Philanthropy, the annual gathering of 150 billionaires seeking solutions to poverty.

Buffett was the recipient of the inaugural Forbes 400 Lifetime Achievement Award for Philanthropy.

In presenting the award Wednesday night, Bono rewrote the words to "Home on the Range" for Buffett, or as he described it, "the Irish version of a Kansas state anthem."

In a performance that caused even him to crack up, the Irish rocker delivered tongue in cheek lines like, "Oh give me a home, where the dividends roam. And the deer graze on Berkshire Hathaway. Where Warren plays bridge, Cherry Cokes in the fridge. And Munger makes wisecracks all day."

He continued entertaining the enthralled crowd with, "He's a humble old coot, my shoes cost more than his suit. And Dixieland's his kind of hits. Home, home on the range. After Warren gave the whole farm away."

Both serious philanthropists, Bono and Buffett have a formed a special friendship. The singer launched the public advocacy program called One Campaign, and the famed investor has pledged to give away 99 percent of his estimated $50 billion fortune.

Watch entire video at forbes.com/400-summit.

_ By CNBC.com