ESSAY CONTEST WINNERS
Congratulations to Lora Mae Frecks and Sherri Hanna for winning the essay contest and for being selected to participate in the Genius of Buffett Fall 2013 course.
GOALS and BENEFITS
- Better understand the unique characteristics of a business genius
- Carefully select your character traits and heroes
- Learn simple business valuation methods that may have been used by Warren Buffett
- Realize the important difference between the price of a stock and the value of the business
- Become a more informed investor and allocator of capital
- Be a better manager of people by developing the right corporate culture
- Sharpen your communication skills both orally and in writing
- Examine Berkshire's corporate governance and the role of its board of directors
- Understand the unique challenges of business continuation and CEO succession
- Explore mistakes made by Warren Buffett and learn how to avoid the same ones
- Determine how you will intelligently give back to the world
- Uncover a business or stock that would fit into the Berkshire family of businesses
Dear Lifelong Learners,
On behalf of the faculty, staff and students of the University of Nebraska at Omaha (UNO) College of Business Administration, welcome to our first-rate facility, Mammel Hall. Construction of the building was made possible by the generous donations of Carl and Joyce Mammel and Bill and Ruth Scott.
In Aksarben Village, directly across the street from Mammel Hall, you will find a Courtyard by Marriott making your stay easy, comfortable, and affordable. You will find our partners at the Marriott most helpful in meeting your needs during your time here.
During the fall, we welcome Lifelong Learners from around the USA and Canada to join UNO Executive MBAs over three non consecutive weekends of concentrated study - Fridays and Saturdays; Sept 12 - 13; Sept 26 - 27; and Oct 10 - 11, 2014.
Our spring program schedule is designed to accommodate international Lifelong Learners traveling to Omaha to attend the Value Investor Conference and the Berkshire Hathaway annual meeting. Our condensed course is (3) three consecutive days Monday - Wednesday, April 28 - 30, 2014.
Among those who have already taken the course are high net worth investors, professional money managers, financial professionals, Berkshire Hathaway shareholders, medical doctors, foundation executives, university administrators, college professors, health care professionals, retired military, and project managers. Their educational background fills a wide spectrum of disciplines from doctoral and master degrees from prestigious institutions like Harvard and Oxford to journalism, history and mechanical engineering.
The mix of Lifelong Learners, professionals already engaged in earning their Executive MBA degrees, and the distinguished lineup of speakers brings a unique and valuable learning experience for all involved. With a diverse class roster, everyone becomes an instructor through teamwork, class discussion and student led presentations. The common thread is an intellectual curiosity and a never ending sense of wonder.
Participants travel to Omaha from far and wide, enhancing global perspectives on the course content. Registrants for this unique opportunity offered by UNO's Executive MBA program, hail from all six continents, and over twenty countries including Australia, Canada, China, Cuba, Denmark, Germany, Hong Kong, India, Kuwait, Malaysia, Moldavia, Netherlands, Philippines, Scotland, Singapore, South Africa, Spain, U.A.E., Uganda, United Kingdom, United States and Venezuela. During the fall from diverse locations in the U.S., including California, Florida, Illinois, Kansas, Massachusetts, Missouri, New York, Pennsylvania, and Texas.
I am looking forward to personally welcoming you to our campus, and learning along with you as together we study the genius of Omaha's most famous resident.
Louis G. Pol, Ph.D.
John Becker Dean of Business Administration
ROBERT P. MILESRobert Miles is an internationally acclaimed keynote presenter, author and distinguished authority on Warren Buffett and Berkshire Hathaway. (www.robertpmiles.com)
Pursued by journalists and media moguls to report on every move that Mr. Buffett makes, Miles is not only a long term shareholder of Berkshire Hathaway [nyse: BRKa/BRKb], he has had the honor of getting to know Warren Buffett, the man and the remarkable wealth-building strategist.
Miles has authored top-selling books The Warren Buffett CEO: Secrets From the Berkshire Hathaway Managers, 101 Reasons To Own the World's Greatest Investment: Warren Buffett's Berkshire Hathaway [Wiley], and Warren Buffett Wealth: Principles and Practical Methods Used by the World's Greatest Investor. In addition to appearances on international radio and television, he hosts the Buffett CEO Talk video series, conversations with the Berkshire Hathaway managers filmed before live studio audiences and broadcast on public television. Many of his live keynotes, along with his hardcover and paperback books have been translated into assorted foreign languages, including Chinese, Korean, Thai, Japanese, and Vietnamese.
Known for his subtle wit and entertaining stories, this author without borders has shared his valuable insights, strategies, philosophies, and anecdotes with enthusiastic audiences throughout the world. For more than a decade, Miles has given hundreds of live presentations throughout five continents in 15 countries, over 45 cities and a dozen universities worldwide.
Miles is the founder and host of the original Value Investor Conference held each year immediately preceding the Berkshire Hathaway annual meeting. Attendees from all six continents enjoy this unique retreat style forum featuring presentations from Warren Buffett CEOs, global investment managers and best-selling authors.
In the fall of 2011, at the University of Nebraska at Omaha, Robert Miles began teaching a graduate Executive MBA course based on his worldwide lectures and titled The Genius of Warren Buffett: The Science of Investing and the Art of Managing. This one of a kind program includes a distinguished speaker series, multiple valuation case studies of actual businesses and stocks purchased by Warren Buffett, and for the final exam, student presentations of businesses they think would best fit into the Berkshire family of businesses.
Miles is a graduate of The University of Michigan Business School and resides in Tampa, Florida. He is a University Guest Lecturer at USA: University of Texas, Louisiana State University, University of South Florida, University of Tampa, University of Nebraska at Omaha; University of Missouri SINGAPORE: National University of Singapore; CHINA: Peking National University, Hong Kong Polytechnic University; BHUTAN: Royal Thimphu College; BELGIUM: Hasselt Management University; THAILAND: National Institute of Development Admin; SWITZERLAND: University of St GallenUNO Enrolled Students: If you are an enrolled student and taking this course for credit, your in class participation, final presentation and detailed report will be graded by Professor David Volkman.
David A. VolkmanCloud Finance Professor
Associate Professor and Chair
Department of Finance, Banking, and Law
PhD (University of Nebraska at Lincoln), CFA Professor Volkman teaches Financial Management to graduate students. In the undergraduate program, he teaches Management of Business Finance, Commercial Banking, Corporate Finance, Business Statistics, Financial Markets, Portfolio Management and Bank Administration. In addition to these topics, he is interested in investment management and strategic analysis.
Professor Volkman was awarded 2004 Executive MBA Distinguished Professor-the sixth time he has been selected by students for this honor since 1993.
Dr. Volkman's research interests include capital budgeting, behavioral finance, equity pricing, and portfolio management. He received the 1999 ANBAR Management Intelligence Research Award. His work has been published in Journal of Economics and Finance, Journal of Financial Research, Southern Business and Economic Journal, Journal of Financial & Strategic Decision Making, and Review of Financial Economics. He has reviewed research for Journal of Economics, Quarterly Journal of Business and Economics, and Decision Science Institute.
Service Professor Volkman is a member of Financial Executive International Board of Directors, Chartered Financial Analysis, Omaha/Lincoln Chapter of Financial Analysts, Association of Investment Management Researchers, LOVE Omaha Board of Directors (A community nonprofit organization), Marriage Encounter Presenter, and Bishops Pastoral Plan Representative. He has been active in a number of committees and task forces within the college.
Before becoming a professor, Dr. Volkman was employed by the Comptroller of the Currency, Boys Town, and UBS Paine Webber.
Distinguished Guest Lecturers:A variety of Distinguished Guest Lecturers, including best selling authors and Berkshire managers, will also join the class and teach. Their participation is subject to availability. Previous presenters have included Steve Jordon, Omaha World Herald; Bob Batt, Nebraska Furniture Mart; Robert Hagstrom, author; Susie Buffett, Sherwood Foundation; and Don Wurster, National Indemnity.
Monday, April 28
Tuesday, April 29
Wednesday, April 30
FALL 2014 COURSE
Friday, September 13 - Saturday, September 14
I. The Genius of Warren Buffett - Why study his life, investments, and businesses
II. The Timeline of a Successful Life - From USA's heartland to global business icon
III. The Triumph of Character - Traits, heroes, ethics, virtues: the choice is yours
IV. The Skill of Communicating - Leaders write, speak and teach
Friday, September 27 - Saturday, September 28
V. The Simplicity of Investment Principles - It's not that complicated
VI. The Lessons of Portfolio Management - What all super investors share
VII. The Art of Managing - Choosing the right partner
VIII. The Wisdom of Directing - Building a world class board of directors
Friday, October 11 - Saturday, October 12
IX. The Strategy of Succession - How to replace a genius
X. The Example of Mistakes - Learning from others' errors
XI. The Intelligent Philanthropist - A thinking man's gift to the world
XII. The Final Exam - Students present a business Warren Buffett would buy
THE GENIUS OF WARREN BUFFETT
A UNIQUE OPPORTUNITY FOR LIFELONG LEARNERS
The course has been designed for students of all ages including: Berkshire Hathaway shareholders, senior managers, entrepreneurs, private investors, investment professionals, association executives, foundation leaders, corporate directors, family offices and generally for those with a curiosity and fascination of Warren Buffett, to join with UNO graduate students to explore an in-depth evaluation of the life, character, investment, management, business, and charitable career of one of the greatest business leaders of all time.
ABOUT LIFELONG LEARNERS
Commuting from all over North America and the world, Lifelong Learners for personal enrichment have been given special permission by the Dean to participate in this unique one-of-a-kind graduate level course.
They are not enrolled in the university, but instead are students of any age and background with the desire to participate, learn and study the life of Warren Buffett. There is no college requirement for Lifelong Learners, although many have graduate and even doctoral and medical degrees. What everyone has in common is a curious desire to understand, share and teach.
Lifelong Learners will be assigned to a team combining their worldly experience with graduate and executive students for in class discussion, projects and the final presentation.
Upon successful completion MBA students will earn 3 - 4 credit hours towards their degree, Lifelong Learners will receive a Certificate of Business Excellence.
Executives and Lifelong Learners come with a diversity of backgrounds and disciplines, which adds a great deal to the value of the program. Some born half a world away, others hail from Omaha but all share a deep desire to study, understand and explore. The inaugural class had one third women, most if not all with undergraduate degrees and full time work and investment experience.
Executive and Lifelong Learner occupations include project management, nursing, college level instruction, charitable management, entrepreneurial training, land development, university leadership, consulting, paralegal, marketing, health care, distribution, business analyst, systems and mechanical engineer, account executive, retired pilot, graduate assistant, sales, portfolio and wealth management, primary care physician, private investor, registered investment adviser, family foundation executive, software developer, financial planner, college professor, corporate board member, conservation executive, banker, fund manager, and sovereign wealth fund manager.
During the spring, Lifelong Learners arrive one week before the Berkshire Hathaway annual meeting for this comprehensive program. They represent all 6 continents and over a dozen countries including Australia, Canada, China, Denmark, Germany, India, Malaysia, Scotland, Singapore, South Africa, Spain, U.A.E., Uganda and Venezuela.
In the spring, classes are scheduled for three consecutive days so Lifelong Learners can commute to Omaha, Nebraska to study, explore and network. North American and International attendees will enjoy the convenience of arriving early to attend the course (Monday - Wednesday), the Value Investor Conference (Thursday and Friday), the Distinguished Author Reception (Friday) and the Berkshire Hathaway annual meeting (Saturday).
In the fall, this course will be scheduled for three non consecutive weekends and is geared towards the UNO enrolled Executive MBA. Lifelong Learners may register to participate in this program.
CERTIFICATE OF BUSINESS EXCELLENCE
Upon successful completion, Lifelong Learners will be acknowledged for their pursuit of continued professional and personal development and will be presented with a Certificate of Business Excellence.
ONE OF A KIND
The University of Nebraska at Omaha College of Business is the only university you will find a seminar dedicated to the in-depth and comprehensive study of the Oracle of Omaha. Exploring far beyond his investment methods and examining his management philosophies, corporate governance, mistakes and philanthropy.
Class of 2011 group photo with Warren Buffett
Class of 2011 group photo. Mammel Hall, College of Business Administration UNO
Lifelong Learners from 21 countries attended the 2012 Value Investor Conference. Photo credit to iMoney - Eric Tsang
The Spring 2012 Genius of Warren Buffett Class had Lifelong Learners representing all 6 continents and 13 countries including Spain, Venezuela, South Africa, U.A.E., India, Australia, Canada, China, Singapore, Denmark, USA, Germany and Malaysia.
Group photo of Spring 2012 class holding their respective country flags.
REGISTRATION FEE (for UNO Alumni and Lifelong Learners)
SPRING 2014: Genius of Warren Buffett Spring 2014 (3) day seminar - April 28 - 30, 2014. Course fee for Lifelong Learners (non UNO enrolled students) is $3,995. Includes Dean's welcome dinner, daily catered lunch. Sign up by December 31, 2013 and save $1,000 or $2,995. Group discounts available.
FALL 2014: Genius of Warren Buffett Fall 2014 (3) non consecutive weekend course - Sept 13 - Oct 12, 2014. Course fee for Lifelong Learners (non UNO enrolled students) is $3,995. Includes daily catered dinner on Friday and catered lunch on Saturday. Sign up by September 1, 2014 and save $1,000 or $2,995. Group discounts available.
UNO Executive MBA: www.emba.unomaha.edu
Contact Melanie Krings: (402) 554-2867 or email: email@example.com
Click please http://www.valueinvestorconference.com/register.html#genius
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UNO College of Business, Mammel Hall, 6708 Pine Street, Omaha, NE 68106
Mammel Hall offers plenty of free parking. Normal 'Student Permit Only' parking will be relaxed during class hours for Lifelong Learners and other non enrolled students.
Dress casual and feel like you are going back to school. Business casual is also appropriate. Some prefer business attire for their final presentations but it is not required.
The course has been designed so Lifelong Learners can commute to Omaha from across the globe and expand their executive education. The Courtyard Aksarben Village is right across the street from Mammel Hall. Ask for their UNO EMBA special rate
Hawthorn Suites , a short distance from Mammel Hall, with apartment like long term stay accommodations is offering a
Or you might contact Carol Pedersen at American Express Travel for hotel and airline reservations. Carol works exclusively on Berkshire's annual meeting and is a resident expert when it comes to air and hotel availability. Phone: (800) 799-6634 or if you are outside the USA phone: (402) 697-5314 or email: firstname.lastname@example.org
DATES AND TIMES
The 2014 spring seminar (24 hours) will held on (3) three consecutive days; Monday, April 28, 2014 through Wednesday, April 30, 2014. Class hours are 8 am to 5 pm with a catered lunch served each day.
The 2013 fall course (36 hours) will be held over (3) three non-consecutive weekends; Sept. 13 and 14; Sept 27 and 28; Oct. 11 and 12. Class hours are Fridays 3 pm to 9 pm with a catered dinner and Saturdays 8:30 am to 2:30 pm with a catered lunch.
There will be assigned reading (no more than 200 pages) for MBA candidates but the reading homework will be optional for Lifelong Learners. Some of the special guest lecturers will be distinguished authors so reading their books in advance will help LL get more out of each session.
INSTRUCTOR OFFICE HOURS
For further explanation and understanding, the Instructor is available for office hours before and after each scheduled class.
MBA candidates and enrolled students of UNO will be graded and receive 3 - 4 credit hours upon successful course completion. Lifelong Learners will not be graded and will receive a 'Certificate of Business Excellence' from the Dean at the end of the course.
Sorry this course will NOT be available on the Internet.
LEADERSHIP LECTURE SERIES:
The course will likely include a variety of guest speakers including Buffett CEOs, authors, and investment managers. Course topics may change depending on speaker availability. Guest Speaker Code of Conduct: Individual autograph and photo requests along with private gifts and messages to guest presenters are strictly forbidden.
Each lecture will include a valuation of a business purchased by Berkshire Hathaway. Students will be given certain details about the investment at the time of the actual acquisition, understand how it was valued and determine why it was purchased.
ABOUT UNO EXECUTIVE MBA
The University of Nebraska at Omaha College of Business Administration Executive MBA program is the 13th oldest in the United States. Established in 1975, the program has nearly 500 graduates residing all over the globe. Participants are on average 39 years old and bring 16 years of practical work experience with them into the classroom. Many students have held or hold mid-to-upper level management positions for their firms and come with a wide variety of undergraduate and graduate level disciplines including technology, engineering and healthcare.
Less than 50% of the current class has undergraduate degrees in business, therefore, providing a unique mix of industry knowledge and background that fosters interesting discussions and enhances the learning opportunities for all students.
Lifelong Learners range from professional money managers to health care consultants. Like the Executives, each participant brings a unique skill set to the classroom. Everyone in the room assists in the education process with thoughtful questions, session end reviews, team discussions and final presentations.
Each participant agrees to respect the intellectual property of the course content and will keep all in class material and discussion confidential. Class participants agree not to use content of this program for commercial or educational use or post anywhere on the Internet without the written consent of the instructor. No recordings are permitted and content, particularly the valuation exercises must remain inside the classroom. This course is designed for personal use as well as professional development.
This course is carefully designed for private investors of all ages and backgrounds as well as professional investment managers. The program is not well suited for get rich quick schemes, investment promoters, investing trainers, day traders, hyper computer trading, technical and chart analysts, investment activists, short sellers, option and momentum traders.
The instructor reserves the right to dismiss anyone from the course who does not meet the guest speaker code of conduct, confidentiality and or suitability requirements.
BUFFETT FAMILY AND UNO
The Buffett family has had a long relationship with the University of Nebraska at Omaha (UNO). Between 1952 and 1962, Warren Buffett taught investing at the Municipal University of Omaha which would later become UNO. The UNO Thompson Learning Center and the UNO Thompson Alumni Center are named in honor of Buffett's father-in-law. William 'Doc' Thompson, father of Buffett's wife Susan, served as professor of psychology and dean of the College of Arts and Sciences.The Buffett family contributes to Nebraska public education through the Susan T. Buffett Foundation (STB) and the Sherwood Foundation. The STB foundation provides scholarships for qualifying Nebraska residents with financial need to attend UNO and other Nebraska state public institutions of higher education. Students who receive these scholarships are known as William H. Thompson Scholars. In addition, the foundation awards fifteen K - 12 Nebraska educators the Alice Buffett Outstanding Teacher medallion and cash prize each year in honor of Warren Buffett's aunt.
UNO Professor for the Day - Susie Buffett signs course syllabus.
Carl and Joyce Mammel, early investors in the Buffett Partnership and shareholders of Berkshire Hathaway, along with Ruth and Bill Scott, one of the first employees of the Buffett Partnership and Berkshire Hathaway, made generous gifts allowing the College of Business Administration to build a $38.5 million, 120,000 square foot, state-of-the-art facility without taxpayer funding or incurring any debt. The Mammel gift is the largest single gift to UNO. By coincidence, Mammel Hall was built where the Arksarben race track was located, a former site for Berkshire's famous annual meetings.
Berkshire businesses include many managers and chief executives who are UNO graduates, most notably, Bob Batt ('76 Business) Executive Vice President of Nebraska Furniture Mart (NFM). Batt is the grandson of Rose Blumkin, who founded Nebraska Furniture Mart in 1937. He began working at the company at 14. His mother, Frances Batt, Mrs. B's daughter attended UNO (then Omaha University) in the mid-1930s.( source )
To complete the circle, the UNO Executive MBA offers a one-of-a-kind course, created and taught by author, leading authority, and shareholder of Berkshire Hathaway, Robert P. Miles, that examines the life, investment strategies, management style, and philanthropy of Warren Buffett, Nebraska's most famous student and Omaha's most celebrated citizen.
Warren Buffett teaching at Municipal University of Omaha.
Warren Buffett at Mammel Hall
Mr. Buffett the Teacher
TESTIMONIALS AND PICTURES
Omaha World Herald - November 6, 2011
Some University of Nebraska at Omaha students recently heard an offer from Warren Buffett:
"If I gave you a billion dollars ..."
This was by far the most interesting class or seminar that I have ever taken. I was not in the course for credit, but after the first evening, I knew the sacrifice I was making was going to be more than worth it. Bob Miles did an outstanding job keeping the information fresh and covered topics important to understanding Warren Buffett and Berkshire. The combination of information, stories, and guest speakers could keep anyone engaged. I'm not sure I've ever taken that many notes in any of my courses throughout my educational journey. I would recommend this course to anyone, including those that are not interested in Warren Buffett or Berkshire. This course is worth it!!!!!!!
- Brad Westley EMBA '11, Regional Manager
This course can change the way you look at the world of business forever.
- Stephanie Guerin, CFP Kansas City, Certified Financial Planner
This is a course I highly suggest to anyone who wants to be a better investor. Good investing is all about thinking clearly and unemotionally, which is very difficult to do in this age of CNBC and constant trading. If you want to think clearly, and understand the principles that allowed the world's greatest investor to succeed - this course will teach you that methodology. It also gives you the insight into better management techniques and living a better life in general.
-R. Michael Knipp, Private Investor
The Warren Buffett genius course is as advertised....... what you see is what you get.... twelve different sections of no nonsense aspects of Buffett's life and principles in a hard hitting and direct presentation style......with an excellent list of insider guest speakers........ a great experience for the true Buffett fan.
-Timothy C Holt, CFA, Investment Management Consultant
I am grateful to have had the opportunity to attend the course with my father and to have met the people involved with the construction of this course. I intend to hone my skills and pursue my interests in the subject of value investing. I'm appreciative that someone like me, a "lifelong learner" (not enrolled in UNO) was granted access to the course.
-James Alexander Smith, Graduate Student
This course has inspired me to buy a few B-H shares so I can participate and more importantly, get my boys to start thinking and doing value investing early in their lives/careers.
-Doug Knight, Program Manager
I once was lost but now I am found. I first thought many of the life learners and Bob to a certain extent were cult followers of Warren. I quickly found out that they all are truly sincere in their following. Must say that I am now a convert and that you're never to old to learn.
-Platt Brabner, Retired Navy Pilot
I enrolled in "The Genuis of Warren Buffett" because it was a unique offering through UNO's Executive MBA program, as well as relevant to both the Omaha and business communities. The course has been one of the most interesting and enjoyable classes I've taken to date. Bob Miles did a superb job of capturing the many dimensions of Warren Buffett - from Communicator to Investor to Manager to Chairman to Philanthropist. I'm leaving the course with a deeper understanding of value investing, including essential concepts such as a circle of competence, economic moats, and margin of safety, as well as a greater appreciation of Warren Buffett's greatest asset - his character.
-Claire Kenkel, Marketing Manager
When I got the chance to attend The Genius of Warren Buffett class, I thought it would give me a good backing in conservative investing. I got that and much, much more out of the class. The things I learned in the course have already helped me excel in all four of my other classes. For example, the "moat" concept helps to explain competitive advantages more clearly. Drawing from Berkshire's experiences with investing in companies with weak moats, I can say for sure that I will not include tech companies or department stores in any value portfolios.
-William H. Ramsey, Graduate Assistant
Why Study Warren Buffett?The first of twelve in-depth sessions of the extraordinary life of a financial, management, business and charitable legend. An introductory briefing of what is being taught to Executive MBA students and lifelong learners of all ages from around the world. Most if not all, other titans in business and philanthropy have amassed their wealth through the timely development of a product or service or the old fashion way – by inheritance. Warren Buffett stands alone by not developing a unique business but rather by investing in parts of businesses through the stock market and wholly owned businesses as his enterprise, Berkshire Hathaway, prospered into one of the world’s largest and most profitable.
Why Study Warren Buffett
This presentation answers the questions: Why all investors should study Warren Buffett? What unique gifts of birth, combined with well-developed character traits and habits, have enabled him to become one of the world’s most successful investors and most admired chief executives? An introductory look into the principles and practical methods used by the world’s greatest investor, C.E.O., chairman, director, philanthropist and educator. Learn how Warren Buffett began with $100 and turned it into a multi-billion dollar fortune without ever starting his own business, developing a patent, taking an enormous salary or issuing management stock options.
Gain insights into his unique and uncommon management style. Understand how Buffett created a world class board of directors. Explore fascinating aspects of his life, character, reputation and ethics. Review Warren Buffett’s mistakes and recognize that even the wisest are not free of errors.
A simple yet effective business valuation method will be revealed that was taught to him by his graduate school professor using very simple math skills. And see how this technique has been successfully used in his five decade long acquisitions that have built Berkshire Hathaway into one of the largest and most profitable global enterprises.
Learn how his vast fortune is thoughtfully distributed to those less fortunate. Hear from a course graduate who pitched an investment idea to Warren Buffett as part of the final examination.
Although this is a graduate level university course exclusively designed for Executive MBA students and UNO graduates, lifelong learners of all ages may enjoy this introductory session.
Distinguished Author Reception: Registered attendees to this lecture may enjoy attending the Distinguished Author Reception before and after this event. More info here: www.valueinvestorconference.com
Read the Article: Why study Warren Buffett?
by Robert P. Miles
Read the Article: CBA focuses on financial risk management
published in the UNO College of Business and Administration annual review.
FREQUENTLY ASKED QUESTIONS
Q. When I sign up for the Genius of Warren Buffett Course, I understand Mr. Buffett does come to the class, In that time, I have only three questions to ask him.... actually 2. Will the students get to ask him questions?
A. Mr Buffett did take to lunch the inaugural 2011 Fall UNO Executive MBA class along with a dozen Lifelong Learners to listen to their final presentations. That is likely to be the ONLY time he participates. Please DO NOT register for this course if you are doing so in order to meet or ask Mr. Buffett questions. This seminar is designed for those interested in a concentrated study of the life of Warren Buffett.
Q. For the final presentation assignment, I assume we use the criteria for acquisitions in the annual report. Regarding unfriendly takeovers, can we present a company even if we don't know if the owners are looking or willing to sell?
A. Yes it's okay to present a company that fits Berkshire's acquisition criteria even if you don't know if the current owners are willing to sell. If Warren has an interest we can contact the company after presenting it.
Q. Are laptops permitted in the class?
A. Yes laptops are permitted in class, however no recording devices are allowed. For your convenience, each seat has electricity with easy plug in. The Executive MBA classroom suite is equipped with wifi and executive adjustable chairs.
Q. I'm very interested in taking the class this fall. How much time or how many examples would we cover for valuing companies? I'm very familiar with DCF and use it often, but was wondering if it goes beyond this?
A. Thanks for your interest in the Genius of Buffett (GOB) program. We do 10 blind valuations where you will be provided with the balance sheet and income statement of companies that Warren Buffett purchased at the time of purchase. After each valuation, the person with the best estimate to what was actually paid will explain to the rest of the class how it was calculated. DCF is one method used but there are several others. We spend approximately 15 minutes on each valuation exercise at the end of each session. We also will do 2 open valuations with the company name, date and acquisition price known. Small group, class discussion and guest experts help explain the valuations. To save time and money you might consider taking the spring class over 3 consecutive days instead of the fall class over 3 non consecutive weekends. The spring class has attracted international shareholders representing all 6 continents and a dozen countries so it has a more global perspective. Although more expensive to commute to Omaha, the fall class offers more time 36 hours instead of 24, experienced and talented Executive MBA students from the local community, more time for reading in-between sessions, and more time for the lessons to wash over you. We highly recommend the fall course but understand the challenge and expense of commuting. A $500 deposit is required to hold a seat.
Q. Do you offer this course anywhere else in the USA?
A. Sorry at this time the University of Nebraska Omaha is the only US based location. We are considering offering this comprehensive course overseas and hope to announce something soon.
Q. How much more valuation time would I get in the fall vs. the spring?
A. Since the fall class has 12 more hours there is more time to cover everything more in-depth. The fall offers more for the same registration fee but does have the added expense and time of commuting to Omaha for 3 long weekends. Last fall 12 Lifelong Learners traveled from 7 states and Mumbai, India to attend this one of a kind program.