Smith Students Hear from the Oracle of Omaha at Berkshire Hathaway Annual Meeting

Berkshire Hathaway, here we come! Smith faculty member Sue White, Distinguished Tyser Teaching Fellow, and finance lecturer David Kass brought a small, but dedicated group to the Berkshire Hathaway Annual Meeting in Omaha, Nebraska, May 2-4, 2008.

Read Sue White's account of the trip:

All were students in my fall 07 BMGT 440FP, Emerging CFOs Finance Fellows, class: Dara Khan, Belen Jacome, Paul Hughes, David Zhang, and John Wu. In addition, Mark Wellman, Tyser Teaching Fellow, brought a group of 10 undergraduate fellows to the meeting.

Dara Khan and Belen Jacome in front of Piccolo's, a favorite restaurant of Warren Buffet, where he sometimes brings student groups.

Three of the students had a nightmare travel itinerary – their flight left five hours late, causing them to miss their connecting flight in St. Louis. They ended up on a flight to Kansas City, where they rented a car and drove the remaining three hours to arrive in Omaha about 2 a.m.We went to the Yellow BRK’er group reception, organized by Shai Dardashti, a Maryland undergraduate alumnus, and at 24, manager of a hedge fund, Dardashti Capital. The Yellow BRK’ers are all enthusiastic Berkshire Hathaway shareholders, and formed the first Berkshire Hathaway discussion board on AOL. We then headed to the Dairy Queen (a Berkshire Hathaway company) where half a dozen authors of Warren Buffett and investing books were there to sell and sign. Morningstar gave away free ice cream cones to everyone.

Two of the students and I were up at 5 a.m. so they could be near the front of the line when the doors opened at 7 a.m. We had prime seats, joining an estimated 31,000 Berkshire shareholders. First, we explored the exhibit area, where the Berkshire Hathaway companies were selling and displaying their wares - See’s Candy, Pampered Chef, Borsheim’s jewelry, Nebraska Furniture Mart, Justin boots, Geico, Garanimals, new acquisition Mars and Wrigley and more. (M&Ms with Warren Buffett’s picture were passed out.)

Paul Hughes and John Wu in front of Piccolo's.

The show began at 8:30 a.m. with a movie starring Warren Buffett and Charlie Munger, Berkshire Hathaway vice chairman. Buffett became embroiled in a plot with Susan Lucci of "All My Children," with Buffett staring in her soap opera while she took over the company. Charlie Munger came on stage, joined by the real Susan Lucci, who said she was taking over – paying dividends (everyone applauded – BRK does not pay dividends). Buffett came out and took his job back and then answered shareholder questions for the next five hours.

John Wu said, "Berkshire Hathaway's annual meetings had always been a coveted event among the finance world. Being able to attend the meeting was a unique and informative experience that will help me in ways to come."

We had dinner at Piccolo’s, one of Buffett’s favorite restaurants, and brunch at Borsheim’s the next day. And happily, the flights home were much better than going!