Monday, May 30, 2005

Trip to Omaha by the Buffett Group, May 25, 2005

Hard to top two hours with Warren followed by a free lunch. Some pay $210,000, others pay group rates on Southwest to Omaha. Oh yeah, plus the cost of the Chicago MBA.

One of my favorite takeaways:
"If you had one silver bullet with the opportunity to kill one competitor, who would it be?"
"Progressive Insurance. And then I would shoot them again just to make sure they were dead."
[Laughter ensues around lunch table]
"That said, if you really want to get to know the business economics of an industry, that is one of the best questions there is, coupled with another, being 'If you had to choose only one competitor to compete against, whom would it be?' I did that once, going around to ten CEOs in the coal industry, and by the time I was done, I knew the industry economics."

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