SPRING MEETING IN OMAHA WITH WARREN BUFFETT Click here for the meeting's transcripts BUFFETT SHARES WEALTH (OF KNOWLEDGE) WITH OQUIRRH INSTITUTE No one was expecting marital advice when Warren Buffett, arguably the greatest stock market investor of modern times, took the microphone. “If you really want a marriage that will last,” he said in his comfortable down-home style, “look for someone with low expectations.” Without missing a beat, he told how he got involved in the Arnold Schwarzenegger campaign: “I won a look-alike contest. Saddam Hussein has a double and Arnold felt he needed one too.” It is safe to say that there were no low expectations when the evening began at Omaha’s Indian Creek Golf Course in late September. The much-anticipated dinner and open forum with Warren Buffett brought to a close the Oquirrh Institute’s semi-annual meeting, where trustees and club members from across the country renewed old acquaintances and forged new ones. Held in unique recreational settings, these gatherings give the Institute’s supporters an opportunity to network with a diverse group of the country’s corporate, education, and political leaders and to share ideas on important public policy issues. While trustees and club members met in the morning to be briefed on the Institute’s current projects, Gov. Mike Leavitt, founder of the Oquirrh Institute, was in the thick of his EPA confirmation hearings in Washington D.C. Although Leavitt had to pass on the afternoon’s golf tournament played on the gorgeous Indian Creek links, he touched down in Omaha just in time to make it to dinner with his former Oquirrh compatriots, and, of course, Warren Buffet. Though Buffett’s quick wit emerged throughout the evening, the unscripted question-and-answer session gave the 55-plus attendees an opportunity to glean some serious wisdom from the Oracle of Omaha, as this modern folk hero is known. The sound of pens hitting paper—and PDAs in action—was heard throughout the room as Buffett captivated the audience with his candid and generally optimistic musings. He was clearly enjoying himself as he talked about his passions and his strengths, and he made it clear that he loves to work. He said his favorite deal is the next deal and tomorrow will be the best day. When asked the inevitable question about the economy, Buffett painted a rather rosy picture, praising our market system and the overall culture of America, which provides “more equality of opportunity so that the right people get to the top. The right guy ends up being on the Olympic team of science, or business, or medicine or whatever because we have not had the artificial barriers to quality rising to the top in various areas.” He then used a metaphor understood by most of the audience, by comparing the ups and downs of the economy to the game of golf, saying that scores would be better if we only played the par 3s. “But you’ve got to play the par 5s too.” The greatest problems of society? The ones money can’t solve, according to billionaire Buffett. In his mind, the constant threat of terrorism—the ultimate problem facing the United States—is top on that list. After covering these heavier topics of terrorism, the economy, and wise corporate governance, he got the audience laughing again with another piece of sound Buffett advice: “When you buy a business, make sure that even a dope can run it, because eventually one will!” And with that, he took his seat, leaving the well-satisfied attendees with high expectations for next February’s Oquirrh Institute gathering. Stay tuned for details . . .