Bids for lunch with Warren Buffett were holding at $502,400 yesterday morning. But the under-bidder tells Observer he still has some dry powder.

Mohnish Pabrai runs a $300m value investing fund in California. "If there weren't a Warren Buffett, there wouldn't be a Pabrai Investment Funds," he says. "There's a big tuition bill due and there's no way to repay that properly."