This post is reposted with permission from Yammer, Inc. Original post: http://blog.yammer.com/blog/2011/04/emergency-preparedness-with-yammer.html

Imagine the warm autumn sun rising against the craggy outlines of Mount Vesuvius. You’re at a quaint sidewalk cucina, about to tuck into a plate of fresh-baked bombolini when suddenly, the ground begins to vibrate and your cappuccino starts to roil. You look up and the once dormant volcano appears to be gasping plumes of smoke. As others run away, you leap into action: for you are one of Derek France’s Natural Hazard Management students. Over the next 45 minutes, you and your fellow Hazard Analyst Officers must grapple with a major disaster. Looming not too far away, the mighty volcano threatens to erupt for the first time in 60 years. All around this natural landform, millions of lives are at risk. You immediately grab your laptop and get onto your Yammer network to respond and coordinate with your team.Welcome to the University of Chester’s hazard assessment response scenario, an annual exercise for final year students in the Department of Geography and Development Studies. Based on the hypothetical eruption of Mount Vesuvius, this assessment introduces students to real-time hazard situations, where they must apply their experience and academic coursework to respond appropriately and immediately. After visiting the Bay of Naples for onsite exploration and in-depth study of the territory, students are subjected to an emergency simulation spanning quadrants of the volcano. They receive a resource pack consisting of emergency plans, communication protocols, geological and topographical maps, event trees, and scenarios involving ashfall and pyroclastic flows. Within the silence of a classroom, equipped with only Yammer to communicate, students must then act decisively in managing the situation. In doing so, they must effectively communicate with tutors playing the roles of scientists, politicians, and frightened civilians.For the past two years, this special program has relied upon Yammer as their primary communication tool, preferring Yammer’s closed-loop privacy and usability to other solutions. France and his colleague Servel Miller have documented the use of Yammer extensively in a forthcoming research paper entitled “Real-time Emergency Response Scenario Using a Web 2.0 Technology”. To paraphrase the benefits they’ve found in using Yammer for these scenarios:

• Effective risk communication:students are able to understand the importance of communicating effectively during disasters.
• Critical decision making skills:students learn how to make accurate and timely decisions under pressure and duress.
• Resource utilization: students gain instant visibility and access to resources and front-line information.
• Experience and confidence-building: students gain first-hand experience and self-assurance they can handle comparable real-life emergencies.

Following the exercise, France and Miller’s students analyze Yammer activity and assess student feedback to deepen their collective understanding of each incident, response activities, and alternative scenarios. Earlier this afternoon, France and Miller presented their findings about the use of Yammer to support their work at the Association of American Geographers Annual Meeting in Seattle. Yammer is proud to support the work of institutions such as the University of Chester, in facilitating these critical educational and emergency planning activities.We look forward to following their Yammer network story as it develops. This example is representative of several exciting use cases we’re observing among customer networks across sectors, public and private: reliance on Yammer for training and development as well as crisis communications. Recent real-life situations where Yammer’s been a trusted tool for the latter include GE Money’s reliance on Yammer in the aftermath of Christchurch earthquakes as well asDeloitte Digital Australia’s use of Yammer in response to the severe floods that deluged Queensland.Interested in using Yammer to better prepare for and respond to emergencies? Whether you’re from an educational institution or a private corporation, there are a number of steps you can take to ensure the well-being of all your colleagues. Here are a few recommendations:Before: in order to plan and promote crisis preparedness…

• Ensure all your employees are on Yammer: sync your network with your corporate directory, and encourage all to complete their profiles
• Ensure all your employees have Yammer mobile apps: available on iPhone, iPad, Android, Blackberry, and Windows Mobile
• Create a public Crisis Communications Group: to promote and facilitate planning and preparedness
• Share plans, hold offline activities, and promote involvement using Events, Polls, Ideas, Questions
• Share informational links, and tag relevant content with Topics
• Create a private Executive Communications Group: for aligning decisions and communications among your organizational leadership
• Run emergency drills using Yammer, utilizing Broadcast notifications and inviting two-way responses from your staff in the field

During: in utilizing your emergency action plan…

• Broadcast an alert to your employees: bring immediate awareness and assuage concerns
• Account for the well-being of all your employees: invite status updates
• Access any coworker through the Yammer mobile app directory
• Gain access to frontline information to make more informed decisions
• Coordinate decisions and communications
• Coordinate emergency responses through partner Communities

Afterwards: assess and understand each incident…

• Run an aftermath report, by exporting Yammer data into a CSV file for analysis with other online / offline content
• Review response metrics and efficacy of your plan
• Collect direct feedback from your employee base, and from your Groups and Communities
• Examine conversation threads and gather insights
• Revisit your plan and strategically refine it
• Promote the new plan, run drills, be even better prepared for next time

The use of Yammer for crisis communications is one of the many reasons why I am proud to work here. I appreciate how Yammer enables employees to find each other and help each other out, whether they have a problem to solve, a question to answer, or a fallen beam blocking their way to a fire escape. The relative urgency of each situation may vary, but Yammer’s abilities in providing real-time communication, continuity, and extensive access that ranges from 1:1 to company-wide are powerful factors in supporting an organization’s ability to respond in an appropriate and timely manner to any issue – large to small, urgent to ongoing.How does your organization prepare for emergencies? Do you feel ready?

Photo sources: Stuck in Customs, indiamos

Graduation itself was a blur of anticlimactic activities – oddly as bland as the veggie pinwheels they served during our last reception at school. I felt both blessed and stressed by the supportive entourage who came out for the occasion – it’s hard to force a smile amidst such loving support while swimming in ambivalence. I tried my best to enjoy the weekend but was glad when it was over.

Four days in New York were a blur both mundane and exciting. The City always delivers on its clichéd descriptions: with its pulsing energy, naked ambition and constant hum, it truly never sleeps. I love the bevy of street scenes in this people-watching mecca, full of passionate, scrappy, expressive denizens of what they all ascribe as the Best City in the World. Their distinct points of view and forms of self-identification are so in your face – from flashy palm-sized 14 kt gold door knockers suspended on the ears of women from the Bronx to the bespoke suiting of Wall Street’s finest. Strung out models, aspiring writers, formidable executives, hardy construction workers, Manhattan socialites, teenage tastemakers – all neighborhood hustlers in their own ways. I meander by while everyone walks with purpose.

Fast forward to Mumbai. In all my travels, so far nothing can compare to where I am now. I flew on July 4th, long before the Hudson River fireworks, landing in Mumbai after a short layover in Brussels. The arrival process gave an inkling at the adventure ahead, with too much staff ushering too many people in too many directions. While others exhaled in frustration, I grinned more widely than I had in the last three months – past the swine flu screening (dubious at best), three different customs counters and a chaotic baggage claim area full of a range of characters – from competitive vultures elbowing their way to the front to the filially pious assisting wizened strangers to aloof, veteran expats observing with slight disdain for it all.

I switched on my iPhone and remembered it would be off for the summer. I smiled even harder. Oh to be less wired!

My enormous blue Samsonites rolled by when one of the vultures surprised me by helping to wrestle those beasts onto a luggage trolley emblazoned with a BP helios. I thanked him for his kindness then made my slow way down the arrivals corridor amidst the clamoring of currency exchange representatives hollering rates before finally exiting the glass doors. Although it was 11:30 at night, a mild ruckus awaited – a waving, shouting, gesticulating mass of sweaty people, half armed with name placards depicting this dignitary or that hotel. Cordoned off by a waist-high metal banister, the crush of bodies in the front was evident while we, the newly disembarked, entered the main arena looking for our rides. An audible murmur made me look up as a massive rat bounded freely past, skirting feet and trolleys as it scurried oddly towards the terminal instead of to the street.

Roopa’s driver came along to get me – a short, loyal, stubby and balding barrel of a man named Shakil. After loading my blue beasts into the back of the Honda, we sped off into the melee of traffic – a perverse, chaotic flow of auto rickshaws, motorbikes, minivans, delivery trucks, crammed busses, the occasional luxury sedan, and people – so many people – all over the streets, in sarees, in trousers, in rags, with shoes and without. I thought Beijing had the craziest traffic patterns but would quickly realize Mumbai wins hands down. Close calls are the norm, and honking a way of life – it surprises me that no one becomes immune to the incessant beep beeps saying get out of the way. There is so much to say about the infrastructural strain upon this city. More on that soon.

Roopa just moved into her new place which is in Bandra, one of the nicest, newer parts of town, in a gated apartment complex equipped with security guards. She shares this spacious and comfortable space with her one and only Cubas, the cheeky Puerto Rican New Yorker who somehow captured the heart of the hottest girl in school when we were mere kids at Yale, all googly-eyed at the world that awaited. I was “their” (her technically, him de facto) roommate then as well, and have witnessed much of their true love story which would make for an excellent –ollywood screenplay, I might add…and is on the endless list of stories to tell. But since a few people have been asking and as I am prone to digress in all things, not just career paths, back to Mumbai.

More than a few have asked why India, why now: I came here primarily to explore how I might be able to help on two projects: the first a new brand and product line for the retail arm of Roopa’s private equity firm and the other a pro bono endeavor. (Both are confidential in the meantime so pardon the inexactitude.) I’m also here to rekindle my own entrepreneurial spirit, to research these personal projects and be closer to the various manufacturing and supply chains I’ll need to erect my global empire. (You think I’m kidding but I just learned it only costs $40 to create a 40 second flash animation if you know the right people. So there.) No really, I am here to wander, to explore, to experience. To cook, to draw, to create. To document. To write.

I do not pretend to have had a burning conviction to pursue microfinance in the developed world – I am no economics expert or visionary with a grand master plan on How to Solve Grinding Poverty in the Emerging World. However, I would be lying if I didn’t profess to have some altruistic intentions behind the pro bono project – smirk it off as misplaced noblesse oblige or a wanton Do-Gooderism for a wholesome upper-middle class girl from suburban California who somehow wound up a Yalie and now a Boothie with student loans to pay.   I feel lucky to work on both, to get to hatch a brand and name its products, to create an institution that will serve and benefit those who not just need it but could do more good than I ever could, to see and observe the emergence of this market and its growing consumption patterns – to capture and try to understand the inexplicable range of the human condition.  And where is this most extremely presented but in Mumbai?

Ahh Mumbai, oh Mumbai. City of contrasts, of endless slums, of untold riches, of entitlement, of fatalistic acceptance, of trendy boutiques and sushi buffets, of impoverished mothers pawing the windows of silver Mercedes for a few rupees to feed their children. There is so much to process, it is at once so overwhelming and so very far from clean and orderly Chicago. Its antithesis!

Indeed, I have three days of bedrest due to a solid case of the “Delhi Belly” to thank for this time to even chip away at my current surroundings. (Don’t worry, I will for once spare all the graphic details of my current stomach condition which has been above and beyond any I have experienced thus far – worse than my maiden voyage to Beijing, than the night after that wedding in southwest China, than the first three days in Lhasa, rife with altitude sickness, ok you get it. It’s bad.)

Tidbits:

• In Delhi, the first day while en route to a meeting with one of the brand teams, we rumbled past this industrial park full of this and that burgeoning corporation. What else did we see but big black feral pigs roaming around outside the IBM building no less? Cohabitating quite blissfully with the people nearby. Pigs, complexes, complexes, pigs.

• Trash. There is trash everywhere. Bits of filthy trash, trashy filth, crushed cups, wads of plastic, shreds of paper, scraps of fabric – all mixed in with mud and dirt and grime, rocks and blocks of concrete. Among the trash are people picking through the trash. The ragpickers, they’re called. You see people littering all the time, and then others picking up that litter then littering whatever of that litter is worth littering and so on and so forth so that there is this great chain of litter and of people rifling through the litter until whatever’s on the ground is truly worthless. I asked if there is any kind of municipal waste program here (one of many naïve questions to spout from my mouth no doubt) and was told sure, there’s a city trash program for Mumbai, there are 6 trucks. 6 trucks!

• Begging. It happens. It’s for real. I have never seen such mournful eyes as those of this child outside a coffee shop, a small boy probably 6 or 7 years old but appearing 5 due to malnutrition. At first I felt his presence by my elbow, that 6th sense or as if my arm hair was moved by the mildest of air currents. Then the slightest of finger taps, as if the very tip of his tiny forefinger tangentially touched my fleshy skin. I turned and looked into deep brown eyes, silently imploring me to read this scrap of paper he had just balanced on my forearm. “This child has no tongue,” the paper said in blue ink, not hand printed but done so professionally, by some organization with a Christian-looking crest, “and has been deprived of the ability to speak and to work. Won’t you – “ Before I could get any further the coffee shop attendant shooed the child away. He scampered off but not before looking back with deploring eyes – eyes that bore into you…

• Incidentally we were at a Gloria Jean’s Coffee Bean coffee shop, no less. And I just found out Coffee Bean & Tea Leaf will now be moving out here to Mumbai, isn’t that incredible. After two years of pining for Coffee Bean in Chicago, the stuff will be here. California, Singapore and now Mumbai. But is it heartless to suck down a Vanilla Iced Blended knowing the cost of which could feed a family for a day? Is it any worse than guzzling a Frappucino while walking by a homeless guy on State & Ontario?

• The monsoons. Oh the monsoons. Endless, pouring rain, at times like faucets from the sky drenching any and all. The hype I heard rendered them less impactful when I initially arrived but then I learned this was a dry spell, relatively speaking – the monsoons were late and the government was expecting a 30% decrease in water for the year. A frightening figure, especially given Mumbai’s already strained infrastructure. The government responded by seeding the clouds two days ago, causing a torrential rain that flooded many of the slums. We drove past people in thigh high, waist high water, balancing their belongings on their heads as they headed to higher ground. The looks on their faces, not frustration but grim determination – an acceptance of not only their station but also of this inevitable time of year.

I’ve been thinking of how other places look after a rain – London cleaner and somehow more pristine, Paris grey and aloof, the fields of Somis moist and fecund like a hick version of the landscape in a Thomas Hardy novel, Lake Michigan a swirling mosaic of greys and blues and pinks – of the water kissed by the lights of Navy Pier – as if Monet did Chicago’s lakeside skyline instead of his water lilies and Japanese bridges. Here, Mumbai just looks wet and brown and gritty. But underneath the seemingly makeshift but actually permanent metal roofing that houses the street markets, the fresh produce as in the fruit and the veg and the flowers all burst brightly with color – as do the women’s saris in the street. I am starting to understand why the women wear such shockingly bright hues and adorn themselves with so many shiny bangles and bindis and earrings and noserings and metallic eyeshadows…it is to celebrate their femininity and showcase their beauty, to stand out from the filth, grime, muck and decay – and to pop out from the endless sea of people, so many people, around them.

Every day is a Holi – Day – a celebration of color.

Meeting the Oracle: Our Adventures in Omaha with the Great Warren Buffett
On Friday, April 17, 2009, 27 intrepid Boothies journeyed to the wily world of Omaha, Nebraska, to meet the town’s very own, homegrown Oracle: the great Warren Buffett, businessman and billionaire investor extraordinaire.  Joined by MBA students from a handful of programs (MIT Sloan, Columbia GSB, Kellogg, University of Minnesota, University of Houston and a flock of eager undergrads self-proclaimed as the Smart Women’s Securities Group), we enjoyed a full day of Buffett-inspired activities and Buffett-uttered anecdotes.  With his pithy comments and affable demeanor, Buffett proved to be both king of the picks and master of the quip, deftly fielding both hardnosed and softball questions with folksy jokes and salient insights.  What follows is a recap and highlights of this unforgettable trip – a Booth-defining educational experience for those of us who went.

The Chicago Booth Buffett Tribe 2009

We made our way down to the Midway at 5:30 am, most of us freshly pressed and bright eyed with enthusiasm, others with traces of the previous night’s charity auction and TNDC still in our breath and hair.  Upright in the stiff and proper uniforms of MBAs, we plodded through security, clutching bold blue books of bound Letters to Shareholders and other Buffett-related tomes, all of us excited about what the day would bring.

Exiting the Omaha airport, the familiar sight of a trolley car greeted our little flock – only this one was named Buttercup and we weren’t in Chicago anymore.  Omaha was just as envisaged: far from a thriving metropolis, the city somehow bore the resemblance of a small town despite a population surpassing 200,000.  Buttercup rumbled by quiet streetscapes, plain clapboard houses, flat grassy knolls and the occasional light manufacturing facility, with very few people in sight.  Entering the designated location for the morning Q&A session, we were greeted with Borsheim Fine Jewelry gift bags filled with tear-away daily desk calendars of Buffett sayings and catalogs displaying shiny baubles we hoped to one day afford.  “You’re the first to arrive,” a tall brunette receptionist said warmly, flipping her long straight hair.  “Feel free to take a seat anywhere.”

The trademark Chicago Booth efficiency and competitive instinct kicked in: without a word, we entered, scanned the area and identified where Mr. Buffett would be speaking, then sat down promptly in the four tables most optimally placed for the best vantage points in the room. While chuckling at our strategic T-formation, we noticed this particular stage was set with limited props: a draped 8 ft. table, equipped with Moody’s Banks-Insurance-Real Estate Investment Trusts Handbook c. 1951, a Korean Stock Analysis Guide from 2004, a wireless microphone and two red and silver cans of Cherry Coke.  Sipping ice water and other Coke products, we looked on as the other student groups filed in to find their seats…behind us.

He entered quietly, moving with a buoyant energy surprising for his 78 years of age.  Smiling at the intimate crowd of 150 inquisitive students – far fewer in number and less raucous in behavior than the 30,000+ attendees at a typical BRK annual shareholders’ meeting, Mr. Buffett kicked off the session with a friendly hello and asked that we jump right into the Q&A, starting with the University of Chicago then marching down the list – through each group and back again until we hit noon.  And so we began our flurry of questions, eager to hear from the world’s preeminent investor…

Buffett regaling the crowd with anecdotes, while clutching Moody's '51.

When asked what he would do with his life if he were 25 again and had zero dollars, he said exactly the same thing.  Mr. Buffett recommended doing what you love and quipped, “Well I was told you should only work for someone you admire so I decided to work for myself.”

When asked what he thought of the Bear Stearns collapse and the fate of comparable banks, Mr. Buffett cited how the banks underwent a similar crisis in the 1930’s.  He pointed towards safety nets like the FDIC which originated from such a crisis and asserted that whoever survives will rebound.

When asked what he would do differently and any lessons learned in his career, Mr. Buffett responded by admitting while there were no major upheavals, there were some smaller mistakes – primarily around selling too late.  He acknowledged the challenges of the textile industry and wished he had gotten out sooner, then mentioned US Airways as yet another example of having divested too late.  Mr. Buffett then stressed the importance of maintaining a proper “batting average” above all and not agonizing over small mistakes.

When asked whether the recent government bailouts, e.g. for the banking and auto industries, ruined the capitalist structure of America, Mr. Buffett responded with a firm no. He stated that country banks – including several in Omaha – were not taken seriously due to trip hammer effects during Roosevelt era.  “Our government is pro-capitalist,” he asserted.  “Back in September [‘-08, around the time of Lehman’s downfall], when banks had trouble rolling their paper and the money market funds were collapsing, the federal bailout prevented what could have been a historically unprecedented run on the banks, an ‘economic Pearl Harbor.’” Buffett continued on about the challenges of Wall Street in regaining the public’s trust, admitting he had never seen this kind of change in consumer behavior.  He cited how in just a quarter, GEICO had witnessed increased enrollment of 40-50,000 accounts – with no change in its competitive position, just in the consumer mindset.  He described a never before seen ‘recalibration of the American mindset’ as the reason for changes in savings behavior and enormous drops in the sale of consumer discretionary products.

When asked whether DCF and forecasting were meaningful exercises in valuing companies, Mr. Buffett replied that DCF was the only way to value a business.  He also indicated that most people apply different discount rates to different assets (e.g. Gillette versus Coca-Cola), whereas Buffett applies the same discount rate.  According to Mr. Buffett, the fundamentals of investing are attributable to Aesop, who stated in 600 BC, “A bird in the hand is worth two in the bush.”  Mr. Buffett then rhetorically asked how sure are we that certain bushes have birds, concluding it was our job to identify those businesses.  He suggested we look towards the certainty of payoff, interest rates and comparable opportunities, then cited several examples.  First Gillette, which he described as having smartly joined the cavalcade of professional sports to become the companion of every young male as he became an adult.  “Subsequent generations grew up with their products,” declared Mr. Buffett.  “And 100 years later, Gillette still has 70% market share with 80% gross margin…no one will dislodge them.  They’re not going to drop.”

“Take Coca-Cola,” he added.  “Everyday 1.6 B 8 oz servings are sold around the world every day – you can’t dislodge them either.”  As for See’s Candy, he informed us that in 1972, when his longtime business partner Charlie Munger made the call to purchase the company, 38 million people in California had a positive association with the brand.  “When you buy a box of chocolates, you want to be kissed.  If you bring Russell Stover, you’ll get slapped.  You want a favorable impression of rekindling the first date.  $70M in revenues made on $40M of tangible assets.  $55M done around the holidays.  See’s is like a 350-400 lb. man.  You can’t say exactly what he weighs but you know that he’s fat.”

Buffett further recommended we stick with businesses we understand.  “Mrs. B [Rose Blumkin of the Nebraska Furniture Mart, a BRK subsidiary] built the largest furniture store in the US on nothing.  She has what I call a “circle of competency” – within this circle: retail, real estate, hard work, people.  But she didn’t know stocks.  You should know the perimeter of your circle of competency just as well as you know that of others.”
When asked why people are less successful at investing, Buffett humbly declared, “You don’t need a lot of brains to do what I do.  You need reasonable intelligence but really need temperament – to be unaffected with what people are doing or thinking.  You need to think, ‘the stock market is there to serve me.’ Read Chapter 8 of the Intelligent Investor – some day versus tomorrow is the key.  You need to have an ‘emotional detachment’ from almost any other stimuli around.  You need to have an inner scorecard: keep your own batting averages and score.  Most people want words to tell them they’re right, to validate their decisions.  Working with $10,000 versus now was just as fun. It was the game that interested me – the number of zeros didn’t make any different.  Buy every stock like it’s a private business – as if you would not mind if it didn’t sell any stock or went public, but that you’d just be happy owning a business.”

When asked about succession planning at Berkshire Hathaway, Buffett disclosed having identified three individuals who could do a better job – people with a strong sense of capital allocation and strong managerial skills.  He affirmed these traits were naturally important, even if 99% of his net worth will go to charities upon his passing. “The real test of Wal-Mart was what happened when Sam died.,” Buffett declared. “Managers wouldn’t tolerate big change and due to their strong culture, they’ve more than survived.”  He contrasted Berkshire with GE: “Within GE, you have internal managers competing for CEO.  At Berkshire, managers have the jobs they love.  There is no turmoil or jealousy.” before concluding, “But really, when I die, I’ll just speak to my people and issue instructions via ouija board,” earning an appreciative chuckle from the crowd.

When asked what will happen with money market funds, Buffett defended them as favored instruments intended for the public – useful tools that have been around for a long time.   He admitted however, “these days it’s all about having a service oriented business versus manufacturing – a system that unleashes more human potential over time.  We make progress in that direction – technology.”
Buffett responded to these and many other questions with his characteristic good nature and folksy mannerisms, balancing insight with humor, historical fact with hysterical anecdotes in this affable, personable way that belied the powerful acumen within this investing genius.  After ending the session with a standing ovation, we were about to head to lunch when Mr. Buffett offered to drive four guests to the restaurant: two men from MIT and Columbia, and two women from Chicago and Kellogg.  Tiny beads of excitement formed on the forehead of our very own Jane Yoo ‘09, a longtime Buffett fan since her college days.  She was politely asking who wanted to go when several of us nudged her forward, chanting “Go Jane, go!”

As if riding shotgun in Mr. Buffett’s Cadillac and plying the billionaire investor with golf questions weren’t enough, Jane had the opportunity to sit right next to her hero at lunch – where he playfully asked her about the Cubs while dodging requests from the MIT Sloan students to advise on a fund they were starting (!).

We ate just like Mr. Buffett, devouring greasy chicken parmesan, crinkle cut fries, Cherry Cokes and a mound of iceberg lettuce (Nebraskan for salad), as if consuming the same simple foods would somehow garner us an inkling of his investment savvy.

What the billionaire investor eats for lunch. Every day.

What the billionaire investor eats for dessert. Every day.

Those of us who got to sit at his table strained to hear more from the Oracle, who complemented his meal with a bowl of cream of chicken soup and a yard-tall root beer float that had an elongated straw to match.  For all his intelligence and earnings, Mr. Buffett was hardly a gourmand.  This unremarkable, unhealthy meal has been his consistent midday fare for countless years, so representative of his no frills philosophy and stable way of life.  We marveled at his relatively low operating costs, from his eating habits to his humble home to his sheer disregard for an entourage as a man of his stature could easily retain.

Buffett whispering sweet nothings (stock tips?) into Jane's ear.

After lunch, Mr. Buffett invited us to join him in the empty parking lot across the street to take pictures.  There he proved to be an utter and complete ham, alternating staid poses with silly antics.  He awed us with his willingness to play – embracing students with warm bear hugs, whispering sweet stock tips in make-believe fashion, trading spectacles with Josh Izzard, flashing hand gestures reminiscent of South Central LA (the “W’s” not for Westside but for Warren) and even letting yours truly pretend to steal his wallet.

I put my weight into it but he had a strong grip on the sucker.

The close to our day?  A tour of Borsheim’s, the fine jewelry store and subsidiary of Berkshire Hathaway.  Though loaded with an impressive array of designer treasures including some serious rocks, this finish seemed anticlimactic – even with the shareholder discount offered by the manager.  For all the shine, glimmer and value in those gemstones and precious metals, they paled in comparison with the priceless opportunity to meet and learn from straight-shooting, straight-talking Mr. Buffett.  Indeed, Jane Yoo (’09) captured it best, softly remarking as Buttercup trucked us back to the airport that “This was one of the greatest days of my life.”

In a perfect posture competition with B-Boone.

Back to Back with CKnapp!

Buffett's Angels: Meena, Chaitanya & Sheelu

OTHER BUFFETTISMS GLEANED THAT DAY —

On Wall Street today:
“Wall Street is in the position of a man who cheats on his wife.  What he lost in 5 seconds – her confidence – will take more than 5 minutes to regain.”

On derivatives:
“Derivatives are financial weapons of mass destruction.”

On healthcare:
“Healthcare is an embedded system, that is not looking for change.  A country with $47,000 GDP per capita should have a basic level of healthcare for everyone.”

On oil consumption:
“If we don’t make usage changes, the inefficiency of diminished supply will make them for us.”

On leadership:
“We need leaders who can motivate people to do unpleasant or less pleasant activities.  It is hard to sell people on things that seem opposed to their self-interest.  I voted for Obama due to a belief in his ability to do this.  It is a tough thing to ask a politician to do something that will cost him votes.”

On hearing:
“I used to think Charlie Munger had a hearing problem.  I remember this one time I was standing across this large room and his back was towards me.  I called out, ‘Hey Charlie, should we buy Microsoft at 19?’  He didn’t respond.  So I moved to the middle of the room and asked again, ‘Charlie, should we buy Microsoft at 19?’  No response again.  So I walked up right behind him and said, “Charlie, should we buy Microsoft at 19?’
Charlie: ‘For the third time, yes!’”

On marriage:
“The biggest decision you’ll ever make is who you marry.  Be careful.  Did you hear that Zsa Zsa Gabor listed her occupation as “housekeeper” on her IRS forms?  It’s because she got to keep the house…”

“If you’re interested in a marriage that will last, it’s not about humor, character, brains or temperament.  The trick is to have low expectations.  Take Charlie Munger, who when once asked who he was most thankful for in all his life, answered he was most thankful for his wife Nancy’s previous husband.  Why?  Because he was a drunk.  You need to make sure the competition is weak.”

On parenthood:
“Parenthood will be the most important role in your lifetime, should you choose it.  Whatever you do, don’t be sarcastic to your children.  My children are in music, early childhood education and farming – they are all doing something worthwhile and giving back.  I set up foundations for my children 10-12 years ago – separate entities to enable them to express themselves and not engage in rivalry.”

On maintaining a work-life balance:
“What balance?  I maintain a work-work balance.  My wife leads the home, taking care of 99% of the domestic duties.  But I know this kind of imbalance doesn’t work for everyone.   I am really lucky because I get to do everything I like to do.  I have the luxury of working with people I like to work with, on projects I like to work on – and at night, I get to play bridge on the internet.  Women have the tougher end – [my wife] has a much bigger extracurricular commitment.  9 times out of 10, she’ll get the call if a kid is hurt.”

Thumbs up with Kip.

I have been struggling to complete this article – not just due to early onset senioritis, rusty writing skills and springtime weather distractions, but due to the value and meaning I derived from this experience and challenge of properly relaying it.  Unlike my trip mates with their deep passions for investments, asset management and financial instruments, my admiration of Warren B only recently developed here at Booth.  For this day of learning and its impact, I am grateful to my peers and Buffett acolytes who introduced me to this incredible man, including the 2009 Warren Buffett Group Co-Chairs Kip Johann-Berkel, Zubin Kapadia, Christopher Knapp, Jennifer Sireklove, Siby Thomas and Marina Vasjukova.  Thank you for organizing such a fantastic trip.  Class of 2010, you had better join the Buffett Club if you want a shot at being part of the Omaha-bound tribe next year!