IWA for Sunday July 2nd 2006,

Hey folks,

You know, there are a lot of great steakhouses all around the world. Chances are there is a GREAT steakhouse in your town. I have been highly recommend to Ruth’s Cris Steakhouse. But have not had the opportunity to check it out. I do LOVE a good steak. My favorite is only here in sunny Florida. Jensen Beach to be exact. That is Peter’s Steakhouse. {No relation. Smile}

Of all the steakhouses around the world, you have a wide variety to chose form. With that variety, come the variety of prices. You can pay anywhere from $8.00 to $100.00 for a good steak dinner. I have paid the gambit.

However, I would never pay $1000.00 a plate dinner just to hobnob with politicians, or movie stars. I would never pay $5000.00 a plate for a charity. I do believe in charities, and paid my share, but to pay $5000.00 for a steak would be out of the question for me.

Well, If I would not pay that, you can imagine what I thought when I heard that one man paid $620,100.00 for a steak dinner. That’s right, $620,100.00.

Now I know that the money is going for charity. I understand the concept of "Hey, if you have it," but I feel this was just a move to hobnob with the second richest man in the world.

Turns out that Yongping Duan, a 45-year-old investor from Palo Alto, California, won a date with Warren Buffett , using the moniker "fastisslow." He topped a $620,000 bid by "magicyourlife." The week long auction ended Thursday night.

$620,100.00 for a steak dinner at a Manhattan steakhouse,Smith and Wollensky That better be one good steak. Now I know that this is going to the Glide Foundation, a San Francisco non-profit that helps the poor, hungry and homeless, and I understand that the restaurant is also donating $10,000 to Glide. This is not a bad thing. But why not just give the money to charity?

Because it is a status thing. Mr. Duan can now brag that he had dinner with Mr. Buffet. What is he dying to talk with Mr. Buffet about? What is it that drove him to bid $620,100.00 for this dinner?

"When you have too much money in your hand, and don't find very good targets, what do you do? I believe he's very good at this kind of thing."

OK. That is a question worth the money. Congratulations Mr. Duan, you receive the IWA award for this week. Hope you enjoy your dinner Sir.
Peter