Contact: Phil Hearn
STARKVILLE, Miss.--It may be hard to visualize 75-year-old billionaire Warren Buffett tap-dancing his way to work, but he believes loving what you do is one of the keys to success.
Recently, he shared his philosophy and business insights with a group of Mississippi State students and faculty who had the good fortune to meet him for an informal rap session and lunch on his home turf in Nebraska.
"The money has not changed him at all," said senior banking and finance major Robert Everett of Brandon, one of 26 students from the university who recently bused 14 hours to Omaha to visit with the international business tycoon.
"He said he would still be 'tap-dancing to work' every morning if he had $40 instead of his $40 billion," Everett continued. "He said the key to life is loving life--pick a job you love and it will have you tap-dancing to work.
"I have heard speakers say the same basic things--don't take a job because of the money, take it because it is what you want to do," he added. "This didn't actually hit home until I heard this man with $40 billion say he still tap-dances to work every day at 75 years old and loves every day at work."
Senior industrial engineering major Matt Thurmond of Memphis, Tenn., echoing Everett, called the meeting "pretty exhilarating, a once-in-a-lifetime opportunity." They met Buffett in the eighth-floor Cloud Room of his Berkshire Hathaway Inc. office building, with the skyline of the state's largest city looming through large windows.
"He came into the room larger than life, but was different from what I thought he would be," said Thurmond. "He told us that raising a family and having kids is really important--relationships with people. He said to be loved, you've got to be loveable."
Everett is president of the student Financial Management Association, while Thurmond plans to pursue a master's degree in business administration and an investment career following his engineering studies. Both played key roles in arranging the meeting with the so-called "Oracle of Omaha" and organizing the three-day whirlwind roundtrip from Starkville to Omaha.
Buffett meets occasionally with college groups from across the nation to share his business knowledge and philosophy of life. The 25 undergraduates, one doctoral student and two faculty members from MSU's College of Business and Industry were joined in Omaha by about 50 students and faculty from East Carolina University.
Financial assistance for the MSU group was provided by the office of college Dean Sara Freedman, divisions of Student Affairs and Academic Affairs, and MSU Student Association. The students also sold raffle tickets to help defray the cost of the trip, which also included tours of other Buffett businesses.
"There are very few people who get the opportunity these students had," noted faculty adviser and trip participant Larry R. White, an associate professor of finance. "Mr. Buffett is an extraordinary man. He took the better part of his day to visit with these students, answering their questions and sharing his insights about investing, successful management and life in general.
"We also had the opportunity to visit two of the companies that Mr. Buffett has purchased over the years--the Nebraska Furniture Mart and Borsheim's Jewelry," added White, who also directs the department of finance and economics' banking excellence and certified treasury management programs.
The veteran MSU faculty member said the group also had an opportunity to meet with well-known fund manager Wally Weitz, who "joked about playing the role of an 'opening act for Warren,' before sharing his extensive investment insights and experience.
"This was a memorable experience for all of us and one I don't think the students, or any of us, will forget," White said. "We certainly hope to be invited back again."
Michael Highfield, an assistant professor of finance, and finance doctoral student Nancy Anderson, who also is a chartered financial analyst and president of New Perspectives Inc., joined White on the trip.
"The greatest gift came in watching these young people," Anderson wrote in an article published after the trip. "Buffett's enthusiasm and sincerity spilled over to them."
Among other things, Buffett discussed stocks and the global economy during the initial question-and-answer meeting. He offered some investing and management tips, including:
--"Be fearful when others are greedy and greedy when others are fearful,"
--Only buy stock "because it's cheap," and,
--"Always surround yourself with good people."
Following that two-hour session, he treated the visitors to lunch at his favorite steakhouse, Gorat's. He also picked Everett and three other students to ride to the restaurant with him in his silver Lincoln Towncar with a license plate reading "THRIFTY."
Buffett chatted with students informally during the lunch and then, following the meal, suggested that everyone go outside for a picture-taking session.
Anderson wrote: "As he jumped out of his chair, he chuckled and said, 'Last one out picks up the check'. Of course, he paid."
NEWS EDITORS/DIRECTORS: For more information, contact Dr. White at
(662) 325-1979 or lwhite@cobilan.msstate.edu. [During the Dec. 19-30 semester break, you may wish to use the number of his Starkville residence, 324-2314.]