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The Oracle of Omaha
By Sala Kannan
18-06-2005
- Berkshire's shareholder's meeting, often called Woodstock
for capitalists, was absolutely not what I expected. And I
witnessed another side to Warren Buffett - his witty sense
of humor was refreshingly entertaining.
I waited outside the doors of Omaha's Qwest Center, at
6.30 am, with 200 other Buffett fans. Every year, over
20,000 people from all around the world make this
pilgrimage. Devoted shareholders and Buffett groupies
flock to Omaha eagerly waiting to soak up everything the
oracle has to say.
And why wouldn't they? The $10,000 he invested in
Berkshire Hathaway in 1965 would now be worth around
$51 million.
Not only is the Berkshire shareholder's meeting the most
anticipated event of the year, it is a chance to see two of
the funniest men in the field of investment - the wise
cracking, lampooning Warren Buffett and his older,
hilariously laconic Vice Chairman, Charlie Munger.
The meeting started with a corporate video - a mélange of
cartoons, songs and spoofs. All this was masterfully
woven into the most impressive sales campaign I've ever
seen. Warren Buffett appeared on the screen to talk about
the rudiments of a good corporate video. He said
something along the lines of, "A good company video
should be straight-forward and not full of brand name
nonsense."
Then he reached over and cracked open a can of Coke.
(Buffett's addiction to Coke is very justifiable. In 1988, he
started buying the undervalued stock and eventually
invested $1.02 billion into the stock. Within just three
years, Buffett's Coca-Cola stock was worth more than the
entire value of Berkshire Hathaway itself).
After various other shameless plugs and mentions of
every product Buffett's companies make, the video
progressed to a talking head on CNBC interviewing
Buffett. It was about his decision to buy the underwear
company, Fruit of the Loom.
"Mr. Buffet, why did you decide to buy an under-
appreciated, under-covered, and under-bought underwear
company?" asked the interviewer.
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