This
month, twenty-six students from the Leeds School of Business descended on Omaha
to meet the man himself, Mr. Warren Buffett. In what we will call an 'invigorating'
negative 25 degrees, the students traveled through the city to tour Nebraska
Furniture Mart, followed by a Q&A session with Mr. Buffett at Berkshire
Hathaway and lunch at his favorite restaurant, Piccolo's. After lunch each
student was able to take a couple of pictures with Mr. Buffett, who was such an
incredible sport... even getting down on one knee as though he was proposing to a
student from another university! After the photo session we toured Borsheims,
the jewelry store owned by Berkshire Hathaway. The staff was amazing, putting a
$130,000 'museum quality' ring on my finger, demonstrating that they understand
the value of gaining customers early!
I
have included some 'Buffett insights' from the Q&A session below. Overall,
I was delighted by his candid demeanor, sharing thoughts on everything from his
recent foreign investments, to thoughts on personal relationships - making sure
to remind us of 'what it's all about.' Here are some of my favorites:
"Over time, money
will depreciate in value... the best hedge against that is your talent.
Regardless of the currency, you'll get your share."
"Talent and
realization of potential is the best asset in an inflationary period."
"Do you have an inner
scorecard or outer scorecard? Would you rather be the worst lover and thought
of as the best, or the best lover and thought of as the worst?"
"Getting a good idea
funded in this country is a cinch!" -In response to a question about innovation, entrepreneurship
and lending practices.
"Berkshire Hathaway
is my canvas and I paint a picture. I hope people admire, but I paint for
myself."
"You can always tell someone to go to hell
tomorrow."
-On having a positive attitude.
"Look around the room, who would you seek 10%
ownership in, and who would you short 10%?" -On evaluating your peers and yourself.
How do you want people to remember you? Buffett: "At the end, I hope people will say 'Boy, he was old!'"
Leave a comment