Billionaire Warren Buffett Bows Out of Charity Poker Tournament

Sometimes good intentions just aren't enough.

It took less than 45 minutes for Warren Buffett, a billionaire investor and bridge player, to bow out of a charity poker tournament. The world's second richest man admitted that having good bridge skills does not make him an equally good poker player.

"It's different than bridge," said Buffett, 76, Chairman and CEO of Berkshire Hathaway Inc. "I was confused. I thought the low score won."

Berkshire Hathaway Inc. is a holding company based in Omaha, Nebraska. It oversees and manages a number of subsidiary companies, primarily insurance, including property and casualty insurance, reinsurance, and specialty nonstandard insurance.

Buffett was among the 50 people who competed in the Texas Hold'em poker tournament, which included amateur, celebrity and professional players. The charity poker tournament was held on December 7th.

The tournament was also held in celebration of the recent completion of the renovation of Borsheims, a company owned by Berkshire Hathaway.

Proceeds from the event will benefit the Nebraska Make-a-Wish Program.

The celebrities who graced the event included Olympic swimmer Michael Phelps, as well as professional poker players David Williams, Evelyn Ng, and Michael Mizrachi.

The prize was a $3,500 watch that was used in the new James Bond movie, "Casino Royale".

The winner of the event was an amateur player from Omaha.

December 31, 2006
John Tucker