By Jed McDonald T’15
Jed grew up in Massachusetts and graduated from Middlebury College in 2008. Prior to Tuck, he worked as an investment analyst in New York, then Boston. After Tuck he hopes to work in a role that combines his interests in clean energy and entrepreneurship.
On November 21, twenty Tuck students attended Warren Buffett's MBA Q&A Day in Omaha, Nebraska. The highlight of the day was a question and answer session with Mr. Buffett at Berkshire Hathaway headquarters, but the day also included tours of three local Berkshire Hathaway subsidiaries (Nebraska Furniture Mart, Borsheims, and Oriental Trading Company), lunch with Mr. Buffett (his treat) at Piccolo Pete's—an iconic Omaha steakhouse, and a group photo with The Oracle himself.
Fortunate to benefit from our hosts' hospitality criteria of the day—namely, an inverse relationship between distance-traveled-to-Omaha and seating order—Tuck sat front-row alongside Hong Kong University for the question and answer session. For two and a half hours—standing, no less, for almost the entire time—the 84-year-old investment legend fielded questions on any and all topics. "Throw 'em at my head," he told us.
I say "fielded" rather than "answered," because he did a lot more than answer them. A question about America’s national debt led to a discussion of spousal selection. The topic of reading led to stories about Ted Williams who, supremely talented as he was, was limited in his approach at the plate by that pesky three strikes rule. However, Buffett reminded us that in the investment world, "There are no called strikes.” So, with a disciplined, discerning, value-based eye at his plate, Buffett only invests when he wants to, and only in the best of opportunities. All the while during our discussion, his infinite wisdom, wit, humility, quirkiness, and self-deprecating sense of humor were on full display.
As our bus driver pointed out Mr. Buffett's humble home of over 56 years, we were reminded that Buffett does what he does because he loves it—not for any material gain, lavish luxuries, or goals of retiring to golf courses. He said he is as happy now as the world's second wealthiest person as he was when he was starting his career—even after losing one-tenth of his net worth as a failed gas station entrepreneur shortly after business school. However, he did admit to one guilty pleasure enabled by his wealth that he'd prefer not to part with: flying private. Apparently bypassing TSA is indeed all it’s cracked up to be.
The group also attended both the University of Nebraska-Omaha vs. Minnesota Duluth hockey game and the University of Nebraska-Lincoln vs. University of Minnesota football game. However, Tuck brought no luck for the locals, as both home teams blew leads late to their northern foes. We capped off the weekend shooting clay pigeons in a cornfield at the home of Adam Gengler T'15.