In China, there is a new way to pay tribute to Warren Buffett, the legendary investor known as the “god of stocks” in the country.
A “Little Buffett” summer camp is recruiting Chinese kids and teenagers, 6 years old to 19 years old. The first-of-its-kind camp, branded as “the trip for future entrepreneurs, scientists and investors,” offers an 10-day trip to the U.S. in July and August.
The camp includes three different routes across the country: the East Coast, the West Coast and the Middle America. All participants will spend the last three days of their trip in Omaha, Nebraska, Buffett’s hometown to learn how to invest. Activities also include touring the perimeter of Buffett’s house, and eating at his favorite restaurant Gorat's Steakhouse.
At the end of the trip, participants will receive investment projects and they are encouraged to “start their own investment fund and report their returns periodically.” They can also take advantage of free U.S. college application services, a common practice among Chinese students that could cost a few thousands of dollars.
June Cui, one of the organizers of the camp, said the purpose of starting such a camp is to build connections with participants and benefit other entrepreneurship and investment events she is running.
Buffett's assistant told Yahoo Finance that Buffett "doesn’t know anything about this."
Tepid interest in ‘Little Buffett’ camp
Learning the Buffett way comes at a cost. For each kid, the cost was advertised to be about $8,600, excluding the round-trip tickets from China to the U.S. The ad said parents are welcome to join as well, at $6,600 per person. Cui said the price of the camp has not been finalized.
The camp, which started enrollment in late January, has so far not been well received. There have been no sign-ups. Some people have asked for more information, as they are hesitant to spend so much money on a first-time event. Cui said they need 10-20 participants to make the camp happen.
“We want to host a high-end summer camp,” Cui explained, referring to the hefty price tag of the 10-day trip. Most people who have showed interest are affluent Chinese parents who want to cultivate their kids’ spending and investing habits from early on, according to Cui.
She plans to rent Mercedes-Benz cars and book luxury hotels for the kids. “If the cost for camp named after Buffett is too low, people would think you’re scammers,” Cui said.
Editor’s note: The Little Buffett camp is a 10-day trip and while the price of the camp was advertised to be $8,600 that price has not been finalized. After this article was published Cui said she was not the leader of the North America Innovation & Entrepreneurship Forum and could not say if it was participating in the camp. Also, The Omaha Value Investment Education and Research Center said it has no connection with the camp.
Krystal Hu covers technology and China for Yahoo Finance. Write to her via firstname.lastname@example.org