Buffett greets members of finance group in Omaha

In the Cloud Room on the 15th floor of an office building in Omaha, Neb., members of the Student Finance Association took part in a two-hour question-and-answer session with Warren Buffett last Saturday.

Buffett is the chief executive officer of Berkshire Hathaway and was named by Forbes Magazine as the richest person in the world in early 2008, but was moved to No. 2 in 2009 after losing $25 billion last year.

During the question and answer session, Laura Liston, president of SFA and senior in finance and accounting, said Buffett answered very specific finance questions as well as general questions about life lessons, imparting his wisdom on the future field-of-finance students.

Greg Foote, bond funds chairman of SFA and senior in agricultural economics, said communication was one of the most important issues Buffett discussed.

"He told all of us we are great students and have learned all this information ... [but you] have to communicate what you think to other individuals," he said.

Matt Hewitt, vice president of special events for SFA and senior in finance and accounting, described Bufett as funny, witty and down-to-earth and said the funniest comment Buffett made was that "strategic planning is a waste of time." He said this was because, as Buffett explained, any acquisition or merger should be a wise decision, so it would obviously be strategic.

The SFA group presented Buffett with a personalized K-State football jersey and a football signed by Coach Bill Snyder after the event.

"After lunch, he kept a smile on his face and took a picture with every single person who wanted to take a picture," Hewitt said.

Foote said in order to allow the group the opportunity to visit, he sent Buffett a written letter last fall and was told there was a two to three year waiting list for visits. Foote then got a hold of Buffett's secretary's e-mail address and began flooding her inbox with requests.

His persistence worked, and when a group canceled early this year, SFA was able to attend in its place. The K-State members made up just 27 of the event's 100-plus attendees, Foote said.

Hewitt said four other schools were also in attendance, including students from Australia, and the SFA students were the only undergraduate group.

Along with the question and answer session, the group visited Nebraska Furniture Mart and Borsheim's, a jewelry store, and had lunch at a steakhouse, which Buffett paid for, Liston said. Both Nebraska Furniture Mart and Borsheim's are subsidiaries of Berkshire Hathaway.

Foote said the trip will help the K-State SFA in the future and has also promoted K-State and the College of Business.

Hewitt said group members "hope we made a good impression for the future."