June 30, 10:55 PM
Author: William Freehling
Early each May, the disciples of Warren Buffett flock to Omaha, Neb., to hear the preachings of the Berkshire Hathaway CEO. It's almost cultish, yet the focus of this group is learning how to make money.
I had the opportunity this spring to attend the Berkshire meeting. I have read widely on Buffett and Berkshire, and have seen many accounts of the annual meeting. Yet you truly have to be there to understand the devotion that Berkshire shareholders have for Buffett and his partner, Charlie Munger.
Shareholders buy up all the hotel rooms in Omaha, and some (like me) are forced to stay miles from the Qwest Center where the meeting takes place. Yet that doesn't deter the faithful, many of whom describe the meeting as "going to church." I shared a cab to the May 2 meeting with men from South Africa and Singapore, both of whom had traveled across the world to hear Warren talk and maybe catch a glimpse.
I ate at Gorat's the Friday night before the meeting. That's Warren's favorite steakhouse in Omaha. Rather than order what they want, people there order what Buffett likes -- a T-bone steak, double hash browns and a Cherry Coke. When I left the restaurant at 11:30 p.m. there were people still waiting for tables.
Meanwhile, across town, people were already lining up outside the Qwest Center in an attempt to secure the best seats in the house when the doors opened at 7 a.m. Saturday. When the doors open, these folks flood inside and grab the best chairs. Then they shop in the nearly 200,000-square-foot convention center, which is filled with merchandise from Berkshire's many operating businesses.
Warren came out for a brief cameo that Saturday morning before the five-hour question-and-answer session began. All he was doing was buying an orange-vanilla bar from Dairy Queen, but the crowds absolutely flocked to him. He was surrounded by gawkers many rows deep. And then he disappeared, only to come back soon to meet with Bill Gates Sr. at a book-signing.
During the long Q&A, people hung on Buffett's every word. And when it ended many went out to explore Omaha, with a popular destination being Buffett's modest house of many years. People take photos of themselves outside that house. Some people eat dinner at the Bonefish Grill in town simply because Warren had an engagement party there.
In a way it's really kind of weird, and border-line cultish. I guess that's what happens when a guy makes you a millionaire many times over, as Buffett has done for countless shareholders.
Check out some of the photos I took this year. And click here to read one woman's account of her meeting with Buffett.
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