OMAHA, United States, May 5, 2019 (BSS/AFP) – Warren Buffett received a
rock star’s welcome Saturday in Omaha as he opened the annual shareholder
meeting of his Berkshire Hathaway empire, which draws tens of thousands to
this small city in the American heartland.
“Welcome,” quipped the 88-year-old — the world’s third-richest man — who
kicked off the event by taking questions from reporters, before mingling with
the crowd for close to an hour.
Strolling down the lanes at the CHI Health Center — as eager fans craned
to snap a picture of the “Oracle of Omaha” — Buffett toured stands hawking
souvenir chocolates, T-shirts, books and bags carrying his name.
The annual meeting in the state of Nebraska has been dubbed “Woodstock for
Capitalists,” with festival-goers hailing from the Who’s Who of the American
business community — including this year Apple chief Tim Cook.
Some 20,000 secured a coveted pass to hear Buffett speak in person, after
lining up from 5:00 am, with thousands more left to soak up the atmosphere
from outside the theater.
Last year, 40,000 people made the trip to Omaha, a leafy city home to
about 410,000 people.
Buffett and his 95-year-old business partner Charlie Munger will take more
than five hours of shareholder questions posed by three journalists.
Two questions are sure to come up, as they did last year: Who will succeed
Buffett? And when does he intend to retire?
The meeting will be broadcast live exclusively on Yahoo! Finance. Cameras
are prohibited inside the room — that means no selfies with the business
mogul, who will also meet privately with investors and business owners.
– ‘Integrity’ –
Unlike other annual meetings, the goal here is not to release company
results but to hear Buffett identify companies that he might invest in, or
from which he might withdraw his money.
Does he believe in the strength of the sharing economy, symbolized by
companies like Uber and Airbnb?
What does he think of artificial intelligence and self-driving cars?
David Kass, finance professor at University of Maryland, has made the trip
each year for the past decade, sometimes with MBA students — a number of
whom were granted private meetings with Buffett.
“It’s pretty much a hobby,” said Kass, a Berkshire shareholder since 1985
and the author of a blog on Buffett.
This year he invited 200 students to follow the proceedings along with
him, broadcast live in one of the university’s auditoriums.
In addition to well-known names like billionaire Bill Gates — Buffett’s
friend and bridge partner — business executives and investors come to seek
the approval of the well-liked, folksy mogul at a time when appearing elitist
can be a curse.
“He sets a great example for the leaders, especially business leaders,
setting a great example for young people. He gives his money to help other
people… and I think there is something we are missing now in this world,”
said Indian millionaire Paul Singh, 68, who became an angel investor after
the sale of his Primus Telecommunications company.
His son Jay Phoenix Singh, 32, a psychiatrist who became a millionaire
after selling his startup, said Buffett represents a long view.
“Because you are getting wealthy and you are hitting those numbers, it
doesn’t mean that your lifestyle has to change that much,” he said. “It’s…
about how you treat other people and the integrity that you have.”
Buffett, who is worth almost $90 billion, still lives in a relatively
modest house about 10 minutes outside downtown Omaha that he bought in 1958.
Apart from surveillance cameras, no other security is visible, but if a
visitor takes photos, an agent will come out and ask “nicely” what they will
be used for.