UNO student Jaime Ishii (who works in my office) had an opportunity more than a month ago to meet the country’s richest man along with other students. Below is her first-person account. She and the other students got a great deal closer to Mr. Buffett than most shareholders of Berkshire Hathaway will this weekend. Read on –
A “Day With Warren Buffett”
By Jaime Ishii
I wasn’t sure what to expect of my lunch with the world’s richest man. I was invited to attend a “Day with Warren Buffett,” complete with a tour of the Nebraska Furniture Mart, a two-hour question and answer session followed by lunch with the richest man in America himself, Warren Buffett.
I am not a savvy, investment kind of person. I like money. When I can I will go on E-Trade and hope for the best. I only know that we are on the brink of a recession everyday because the news lets me know. My major is journalism with a public relations emphasis. Mr. Buffet and I have only one thing in common, a sense of pride and passion from our home city. However the invite to attend this auspicious day intrigued me. I felt honored to be able to participate.
Jeremy Lipschultz, the director of the School of Communication, invited me to this event last spring. Of course, I was familiar with Berkshire Hathaway. My couch comes from Nebraska Furniture Mart, I once sold Kirby vacuum cleaners, and have waited on many a visitor from the annual Stockholder meeting at various restaurants. But this day seemed a more intimate, insider-esque kind of scenario, where Warren and I might exchange barbs and (hopefully) stock tips. I was partially right.
The day included over 50 UNO students from business and finance majors as well as the most actively involved communication students. My vision of WB and me chatting leisurely after a steak lunch was different than I imagined…100 Canadian students joined us as well..
Before the luncheon, we were given the background about how this event came to be. We were also reminded not to bring any recording devices and surreptitiously instructed to be on our best behavior- no running up to hug him, no asking for student loans. The room was somewhat divided–business finance majors here, communication majors there, but we were all going to hang out with the man-Warren Buffet.
Some wanted to know how he did it, others wanted to know his views on the media, still others wanted to merely lay eyes on a billionaire, breath the same air and hope some of that “money magic” would imbue itself to them. I wanted to see how one person handles all of this kind of scrutiny. Easy grace and humility are the only words to use when speaking about Buffet and his demeanor. He is the perfect picture of the Midwestern mentality– real, genuine, and hard working.
The day started with the NFM tour hosted by Mrs. B’s grandson, Bob Batt. We all gathered close to hear the history of this family-owned furniture store, and its rise to nationally recognized levels. NFM is an example of Buffet’s discerning eye for businesses that will flourish under the right investor and time. It is Buffet’s belief that you buy a company as a whole, owners, managers and staff included. Buffet doesn’t micromanage, he wants the company to grow and flourish. Nebraska Furniture Mart now has a sister store in Kansas City, and it is still recognized regionally for its excellent quality furniture and prices.
I listened, sitting on the one mattress in the place that was important, the Warren mattress. This mattress is firm, yet comfy, one of the only concessions Buffet has made to one of his company’s using his name for a product. It was very appropriate, as Batt told us that Buffet aspired to be a mattress tester someday. I laughed inwardly, as the crowd roared- I too wished to test mattress for a living.
We moved on, listening as Batt spoke of how the market for furniture has shifted from distributors in the South to mainly imported furniture from China. I quietly wonder how this shift has occurred, answering myself with the obvious answer: More people, government controlled income, and a wider wealth of resources. That is left unsaid, but the subject of China will re-emerge later.
The group travels east to the Kiewit Building, where Buffet awaits us in the top floor appropriately named the Cloud Room. A panoramic view of Omaha is the backdrop for the main event- Mr. Buffet and the students armed with questions. He is dressed in a striking black suit, red tie and a grin. He jokes with us about his partner-Charlie Munger. The only barbs thrown are by Buffet-about himself. He is gracious, almost bubbling over at the prospect of hosting aspiring professionals. I find myself returning his smile, and watch as those who seemed to expect nothing less then a god find themselves charmed into feeling at home, briefly.
The questions start, all well chosen, thought out and hopeful. Questions range from the specific investment/financial to grandiose and far-reaching, some personal. Buffet answered them all to the best of his ability. The most memorable answer was about how to get started in a successful investment career. “Do something you love,” said Buffet, “ anything else isn’t worth it.” He goes on to advise us to find the right spouse “who has the right expectations, preferably low ones.”
When asked about how to fix the current recession, Buffet doesn’t have the answer. “If I had the answer to that, I would tell the people who could fix it. That isn’t me, and that’s not the nature of how my business works.” He admits to not having the magic money touch, that all his success has been a product of smart acquisitions, time and work. He still goes in to work everyday, even though he is well past retirement age and necessity. He hates to fire anyone, but will do so for the good of the company.
Admittedly, I was more taken with the aspect of seeing the regular person side of Buffet, he reminds most people of their grandfather. I listened to the specific investment strategy jargon and gleaned that it is 70% smart investment, 18% opportunity, and 12% patience. The international investment market seems to guardedly include China. The long and short of it was “Who is putting out the most goods, for the cheapest rate at the highest productivity?” That is China–right now.
After two hours of questions, we traveled on to lunch. The group would have gone to Buffet’s favorite restaurant, Gorat’s, but it is closed on Mondays. Instead we traveled to Piccolo Pete’s for steak and old school fabulousness (complete with a huge disco ball in the middle of the dining room.) We ate, chatted and exchanged banter with our respective tables. Afterwards, we were all invited to take pictures with our host.
While waiting in line to see the fun, I overheard a few Canadian students asking “Why would he live in this small town? Why did he pick this restaurant?” and so forth. I explained that Omaha is now considered a small city, with a population over 850,000. This is home, and Buffet is a home kind of guy. As for the other inquiries, I politely shrug.
I think you have to be from here to get it. If they had been listening at all- invest in stable, well chosen companies, etc they might see that Omaha is like just such a company. Slow steady growth, good people, all of this makes Omaha a good investment. Patronizing privately owned restaurants, like Gorat’s or Piccolo Pete’s, is putting money into the economy of a city well worth investing in.
Outside the restaurant, people crowded in the cold rain to get a picture with Buffet. Again I am struck by his ability to handle such adoration, but he looked as comfortable and flattered as anyone could be. I wrestled with the idea of pushing my way in for a picture, but decided that 149 people was enough, so I boarded my bus. My picture with Warren Buffet can wait for another day.
And for those studying all weekend . . . .
Just chill. Listen on.
