Warren Buffett buffeted at the poker table

Billionaire goes broke in 45 minutes in charity Texas Hold'em tournament

Dave Weaver / AP

Warren Buffett, chairman and CEO of Berkshire Hathaway Inc., studies his hole cards intently at a charity event Thursday in Omaha, Neb.

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updated 2:25 p.m. ET Dec. 8, 2006

OMAHA, Neb. - It took less than 45 minutes for Warren Buffett, billionaire investor and avid bridge player, to go broke in a charity poker tournament.

“It’s different than bridge,” said Buffett, 76, the chairman and CEO of Berkshire Hathaway Inc. “I was confused. I thought the low score won.”

He was among 50 amateur, celebrity and professional players who competed in a Texas Hold’em poker tournament Thursday night.

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The tournament celebrated a recent $5 million renovation of retailer Borsheims, which is owned by Berkshire Hathaway.

Donations from the event benefited the Nebraska Make-a-Wish program.

The field of players included Olympic swimmer Michael Phelps and professional poker players David Williams, Evelyn Ng and Michael Mizrachi. They competed for a $3,500 watch featured in the new James Bond movie, “Casino Royale.”

An amateur player from Omaha won the watch.