Meeting Warren Buffett

“I did not leave Omaha with more money to my name, but the experience of speaking with and learning from Mr. Buffett made me a richer human being. ”

VSB Students Meet Warren Buffett

With more than 100 business students awaiting his arrival, the “Oracle of Omaha” walked into the boardroom to an eruption of applause. Twenty Villanova School of Business students, accompanied by David Nawrocki, PhD, The Katherine M. and Richard J. Salisbury, Jr. Professor of Finance, and instructor of finance James Jablonski, were among those eager to share their day with the business legend.

A VSB group of 13 undergraduate members of the Villanova Equity Society and seven undergraduate and graduate students from the student managed funds (SMF) classes traveled to Nebraska for the chance to meet Warren Buffet, primary shareholder, chairman, and CEO of Berkshire Hathaway Inc. The visit included a two-hour questionand-answer session, tours of Berkshire Hathaway-owned businesses, and a sitdown lunch with Buffett.

Buffett hosts several of these events each year, giving students from different universities the opportunity to ask candid questions and seek advice on an array of topics. This year, more than 200 schools applied to be entered into the lottery system to attend one of these sessions. Forty-eight schools were ultimately invited to Omaha, including VSB.

The driving force behind VSB’s participation in this opportunity was the Equity Society, a student-run organization that manages a portfolio of equity securities that expose students to realworld investment experience. The Equity Society, with guidance from Nawrocki, initiated the application process.

The day’s events began with a tour of the Nebraska Furniture Mart, where students met Bob Batt, executive vice president of the store. Batt, whose grandmother originally founded the furniture mart, led a tour of the store’s expansive furniture and electronics selections and discussed its business model. Then it was on to meet Buffett at Kiewit Plaza, home to the Berkshire Hathaway offices.

Buffett impressed the students not only with his business acumen, but also with his sense of humor. He began by making jokes about his own wealth before encouraging the students to

Ishnad Antik MSF ’11 is unsuccessful at wresting away Warren Buffett’s wallet at a photo session during VSB’s visit to Omaha, Nebraska.

ask questions. Buffett spent two hours responding to inquiries that ranged from investing to personal matters. No topic was off-limits, he assured the students.

“Not only did Buffett talk the talk, he walked the walk,” said Amanda Leggio VSB ’12, secretary of the Villanova University Equity Society. “He had a noticeable glimmer in his eye and spring in his step as he entered the room; we were all hypnotized by his energy.”

One key piece of advice offered during the session was to recognize the importance of the management team one chooses. Buffett used himself as an example to explain this recommendation, saying that he attempts to determine whether the person at the head of a company loves the business or loves the money.

“I tap dance to work because I get to paint my own painting,” Buffett continued. Believing that positive attitudes can make a good company into a great company, he strives to hire managers and employees who feel the same way about their work.

In addition to emphasizing how important a management team is, Buffett also addressed the significance of relationships. When a student asked “What is the most important decision one makes?” Buffett responded by saying, “The person you marry.” He also reminded the students that it is essential to be a role model to your children, saying, “My dad was my hero. I still think about what he would do.”

When it came to career advice, Buffett encouraged students to do what they could to “get ahead of the game,” and he told them they would have to work hard to find and recognize opportunities. In addition, Buffett stressed the importance of strong oral and written communication skills, sharing that he took classes early in his career to confront his fears of public speaking.

“I thought that the stress he placed on public speaking was important. As he said, it is a message very few business schools send to their students,” Nawrocki said.

Buffett also challenged students to imagine which of their classmates they would want to “buy” 10 percent of. He then asked them to list the personal qualities that would compel this decision, and encouraged them to try to adopt those qualities. “Why not be like the person you’d buy 10 percent of?” he asked.

At the close of the extensive Q&A session, Buffett invited the students to lunch at one of his favorite local establishments, Piccolo Pete’s. Proving to be down-to-earth despite his current status as third-richest man in the world, Buffett offered to drive four students in his own car. “During our ride to lunch, he was telling us about the books he likes and people he respects,” said Anna Farbiszewska VSB ’11. “His message was always the same: to pursue your passion, or to find one through reading books or learning about other people’s success stories. And we just learned from him.”

When lunch was over, Buffett spent another two hours taking pictures with all of the students. Buffett was at times playful with the students during this photo session, even asking them to pose pretending to take his wallet from him.

“Warren Buffett was, as advertised, an incredibly humble and modest man, whose thoughts, not just on financerelated issues, but also on leadership and people, were simple, but at the same time, remarkable,” said Robert Haderer VSB ’11, co-president of the Villanova University Equity Society.

The group’s visit concluded with a trip to Borsheim’s jewelry shop, where they met Susan Jacques, president and CEO of the Berkshire subsidiary since 1994. Jacques emphasized the store’s commitment to ethical behavior, telling students they do not accept diamonds from a specific mine in Zimbabwe because, although it is one of the largest mines, the diamonds it produces are used to fund violence and conflict. Nevertheless, the store boasts an extensive inventory, enabling them to offer a large variety of jewelry at low costs.

Armed with a full cachè of advice— and photos—from one of the world’s most renowned businessmen and philanthropists, these 20 students had a once-in-a-lifetime experience. “I did not leave Omaha with more money to my name, but the experience of speaking with and learning from Mr. Buffett made me a richer human being,” said Mark Thompson VSB ’12. “My interaction with him enabled me to better use what I’ve learned as I pursue my career in finance. As Mr. Buffett said, ‘It’s always about staying ahead of the game. You can never start too soon. One way or another, you want more capital than you’ve started with.’ Whether in life or in business, I intend to follow and closely live by this advice.” — by Mariana Martinez