Warren Buffett invests

This year, a Chinese businessman paid over $2 million for the privilege of dining with Warren Buffett. The "Power Lunch with Warren Buffett” charity auction on eBay was won by Zhao Danyang from Hong Kong. Buffett has been selling "dinners" since 2000. Every year, the price has gone up. And every year, Buffett has donated all the money to charity. He doesn't need it. He's the richest man in the world. That's why a date with him is worth millions.

At the next auction the price for a meal with him is going to be even more expensive. Even though he recognizes the severity of the current global credit crisis — he's called it an "economic Pearl Harbour" — Buffett is still willing to invest in companies and banks. As he's famous for spotting winning investment opportunities, people want to know where he's putting his money. They'll listen to him — and try to learn from him.

In What I've Learned, Business Spotlight 6/2008, you can read management tips from Warren Buffett from a recent interview with Joachim Schwass, professor of family business at the International Institute for Management Development (IMD) in Switzerland.

You can also learn something from Buffett by watching an extract from the interview here. In our exercise on the next page, we focus on some of the expressions Buffett uses.

Watch and learn

You can either watch the video first, and then do the exercise — or learn the expressions first, and then watch the video. The video is also on the next page.