Golden moments with Warren Buffett
OMAHA, Neb. — Warren Buffett is known for shrewd financial deals, but the world’s second-richest man also invests some of his time to help guide business students.
Buffett’s Berkshire-Hathaway Inc. made an average of $23.4 million a day in 2005, yet he plans to spend the better part of 20 days this year answering questions and offering advice based on decades of stunningly successful experience.
It’s time the Oracle of Omaha thoroughly enjoys.
A group of about 35 University of Tennessee students recently spent four hours with Buffett between the question-and-answer session at his offices and lunch at Gorat’s — Buffett’s favorite steak house in Omaha.
“I was surprised at how personable he is,” said senior finance major Laura Cole, who got to sit near Buffett for a while at lunch. “And he talked about communications skills being the most important skill.”
Buffett also paid for lunch for the Tennessee students and for about 90 University of Iowa students who met with him at the same time.
Chandler Summar, a first-year master’s degree student from Tennessee, said he was surprised Buffett was willing to pose for countless pictures and wasn’t anxious about his schedule.
“He said for the first job, don’t look for the money,” Summar said. “Look for something you love, and if you’re good, the money will come.”
The meetings are typically held at Berkshire Hathaway’s headquarters in Omaha, but sometimes Buffett will agree to events elsewhere, such as when he teamed up with his friend and bridge partner, Microsoft Corp. co-founder Bill Gates, at the University of Nebraska-Lincoln last September.
During that visit to his alma mater, Buffett mixed wit with wisdom as he responded to serious questions — “How do you evaluate businesses to buy or invest in?” — and lighter ones: “What one super power would you want?”
When a student asked why long-term interest rates have remained low despite repeated increases in short-term interest rates, Buffett turned to humor.
“I was hoping you’d tell me,” Buffett said.