RSP Meets the Oracle

Last week the Red Stapler Project was blessed with the pleasure of traveling to Omaha, NE and visiting with the Oracle himself---first over an open Q&A session and then over a root beer float and chicken parm at Piccolo Pete's, Buffett's go to Nebraska eats.  While the RSP traveled to the occasion by plane, Mr. Buffett pulled up in his 2006 symbolic support of GM, his metallic gold Cadillac coated with salt and dirt from the Nebraska wintry roads.  Grasping a Cherry Coca Cola in hand, Buffett was sporting his trademark thick brown tortoise shell glasses, suspenders, flushed rosy cheeks, a custom blue pin striped suit, a silk red tie, and a great attitude.  He immediately puts the room at ease with a joke. A hammy one. And one of many welcomed nuggets of humor that ensued over the course of the afternoon in conjunction with his enchantingly kind demeanor and frugal perspective.

Buffett was full of thoughts and advice ranging from living life to the fullest to investing in Emerging Markets. The following is a random sampling and peek into the mind of one of the most successful investors in the world:

Buffet on…

…Starting younger: “If I could change anything I would have started younger.  I didn’t buy my first stock till I was 11.”

…Marriage: “If you want a marriage that will last, look for someone with low expectations.”

…The inner scorecard: “Would you rather be the world’s greatest lover who is regarded as the worst, or the world’s worst lover that is regarded as the best?......Look for heroes in life. It is important to pick the right heroes." Buffett emphasized that his father's strong inner score card made him Buffett's hero in life.

…Friendship (after talking about the Holocaust): “At 60, if you’d have a lot of people who’d hide you, you’re successful.”

…Being the same as everyone else: “You and me, you go to McDonalds, I go to Dairy Queen… cause we own it. Most things we do are similar, though I travel better.” “Suits: I pay more for mine, but they look cheap when they are on.”

…Cherry Coke: “Cherry Coke has saved my life.  I drink 5 a day, at 150 calories that’s 750 calories a day.  If I didn’t have that, I’d lose a pound a week.”

…Projections: “I don’t make up projections because then people try to make me look good and make up numbers to meet them.”

…Success: “Success is getting what you want, happiness is wanting what you get.”

...Investing in management teams: “Look to see if they love the business or love the money. The number one question that you should ask future employees or management teams is if they are passionate about the business? In the end, buy a business because you feel so good about it because sooner or later an idiot will run it and you will need it to do well regardless.” 

...Picking a career: "You should be doing something that causes you to tap dance to work everyday." Buffett equates his career to getting to "paint my own painting that will never be finished…no one says to me that I should do this or that…if they do, I will tell them to take the brush and what to do with it." 

Of course the RSP couldn't leave without equipping Mr. Buffett with his own piece of office flair, a shiny new red Swingline stapler. Hopefully that little guy is now living on Buffett's desk and being put to good use as Mr. Buffett staples away in anticipation of his annual Shareholders meeting on May 1, 2010. Hey, a girl can dream!