Letter from National the Opportunity to Meet with Warren Buffett on April 7Th Was an Honor and a Privilege That Twenty Members of SWS Will Cherish for a Lifetime

Home , Borsheims, Oriental Trading Company, Tracy Britt Cool

Presents The Eleventh Annual Warren Buffett Trip OMAHA, NEBRASKA April 2017 Letter from National The opportunity to meet with Warren Buffett on April 7th was an honor and a privilege that twenty members of SWS will cherish for a lifetime. Mr. Buffett educated, entertained and inspired us during a two-hour Q&A session where we intently listened to Mr. Buffett’s meaningful and humor- ous insights on business, investing, careers, and life lessons. Our rigorous preparation requirements included readings from The Intelligent Investor, The Making of an American Capitalist, watching video interviews, dissecting the Annual Shareholder newsletter, and participating in weekly discussion groups. Students compare it to taking an extra class, but all agree that the preparation allowed them to derive the maximum benefit from the trip. By thoroughly researching companies and studying biogra- phies of executives we were meeting, it allowed the students to take full advantage of the opportunity IN THIS ISSUE of asking thoughtful questions beyond what anyone could easily access on the internet.

That afternoon was followed by an exclusive dinner with our members and SWS Co-founder, Tracy THURSDAY, APRIL.6TH Britt Cool who shared thoughts and answered questions ranging from women in the corporate world, TD Ameritrade 2 motherhood and career advice. Additionally, we visited with businesses in the public, private and non- profit sectors including TD Ameritrade, The Gallup Organization, Aromas Coffee House and three Gallup 2 Berkshire Hathaway owned companies including Nebraska Furniture Mart, Borsheims and Oriental Business Executives Dinner 3 Trading Company where we engaged in panel discussions, speaker presentations, and facility tours. The Business Executives Dinner, hosted by our 2017 Platinum sponsor, 100 Women in Finance was a great opportunity for students to engage with accomplished professionals on a one-on-one basis. We FRIDAY, APRIL 7TH would like to thank all of our guests for sharing their knowledge and advice with our group as their Lunch with Warren Buffett 4 interaction is something that our members always enjoy. We are grateful to 100 Women in Finance Borsheims 4 for uniting with us, to empower the next generation of female leaders with financial influence. The trip concluded with our Interactive Event where members shared best practices and discussed how to Oriental Trading Company 5 implement ideas to take their chapters to higher levels. Please read on to learn more from our partici- SWS Dinner 5 pants about events from this year’s trip.

Additionally, we would like to thank Carrie Sova from Mr. Buffett’s office for the time and energy she SATURDAY, APRIL 8TH dedicated to coordinate this trip. A tremendous amount of gratitude is expressed to the spectacular Aroma Bliss 6 SWS Co-founders, Tracy Britt Cool and Teresa Hsiao whose vision, guidance and leadership created Smart Woman Securities. They have impacted thousands of young women by creating the structure for educating them on finance and investments through educational seminars, mentoring initiatives and AFTER THE TRIP meetings with great investors. We proudly continue this mission. Overall Impressions 7-8 Reflective Papers 8-9 Again, we would like to extend our sincerest gratitude to Mr. Buffett for making this trip a reality. It is a tremendous honor to continue to be invited back. He is commonly referred to as the “Sage of Acknowledgements 10 Omaha”, a title earned for being the world’s greatest investor. But the depth of his tremendousness goes far beyond his financial acumen. The definition of a sage is someone characterized by wisdom, prudence and good judgement and Mr. Buffett truly embodies each of these qualities. But after spend- ing quality time and experiencing his generosity with his time and talent, it is so very important to note that his qualities of humility, integrity, humor, honesty and gratitude is what has allowed him to be successful. Warren Buffett’s prosperity goes far beyond finances as he possesses abundant wealth with richness of life. We will continue to applaud you Mr. Buffett as it is so well deserved.

With gratitude,

(left to right)Tracy Britt Cool(SWS Co-founder), Warren Buffett(World’s Greatest Investor) Darla Jade Darla Jade(SWS Executive Director), Executive Director, Smart Woman Securities and Teresa Hsiao(SWS Co-Founder) THURSDAY, APRIL 6, 2017 2 TD Ameritrade - Naomi Shah, Stanford University TD Ameritrade was our first organized group visit, and useful. We also learned more about the thinkorswim trading through bustled introductions and handshakes, I remember or- platform, which allows you to look at individual company stock ganizing for our first of many group photos in front of the very performances as well as larger market trends. This is a platform modern and large building. The architecture of the building that will be very useful to bring back to our research teams. stood out compared to all the other buildings we had seen so Overall, this trip to TD Ameritrade helped me under- far, showing us the company’s commitment to being environ- stand how the company fit into the larger financial services mentally-friendly, i.e. LEED certified, and to making sure that industry, and the value that they provided to their customers in they created a good place to work for all of their employees. managing their investment portfolios. Further, it was an incred- We had a fireside chat with two female executives, ible opportunity to understand how a company worked and Carrie Braxdale and Judy Ricketts who had both been with the operated in Omaha, NE and the work culture and management company for over ten years; the high retention rate of employ- encouraged employees to stay with the firm for many years. ees at TD Ameritrade was a notable trend after having grown up in the bay area where the culture is for people to move from company to company after a few years of working. In my opinion, the most interesting part of our conversation with the panelists was learning about their work-life balance and how they overcame push-back from people in their more traditional families to move up through the ranks at TD Ameritrade. Both of them led hundreds of people at TD Ameritrade so learning about leadership strategies for managing people was also very

THURSDAY, APRIL 6, 2017 Gallup - Lucy Dikeou, Stanford University “You cannot be anyone you that one could improve their natural clear of a solution. When women take want, you can only be a better you”. Gal- strengths exponentially faster than their time off for childcare they are not able to lup presented an alternative perspective weakness was Gallup’s thesis. Which “catch up” with their male counterparts to growing our mental capabilities versus brings me back to the initial quote. who did not take this time off. This puts the hypothesis that is common at this While you cannot be anyone you want to them behind for the remainders of their time. Through my classes and talks with be, you can and should certainly improve careers, effectively decreasing their pay. my mentors I have often been encour- your naturally given talents to become the The culture for women at Gal- aged to seek feedback on my weaknesses best most authentic version of yourself. lup is progressive, giving 12 weeks full- and aim to improve them. This was not We also heard from Gallup’s paid maternity leave and providing a the case at Gallup. Through the indi- COO, Jane Miller who presented on a day care at the office. We heard from an vidualized “Strengthfinders Test”each different topic— one she spearheaded inspirational panel of women who can- SWS member was able to identify our the research for herself - women in the didly shared their stories and it was en- top 5 strengths. These strengths ranged work place. This topic is timely as just couraging to hear how successfully they anywhere from learner, to activator, last week was equal pay day in the USA. managed having a family and career. from relater to competitor. Knowing our Women today are still only making strengths allows us to leverage them to 78-83 cents on every dollar compared propel ourselves forward. A key insight with their male counterparts. A couple You cannot be anyone you hypotheses for this were presented. The “ want, you can only be a first stems from a report that notes wom- better you. en work an average of 4 less hours then men. Are they getting the work done ” faster? Or are they reporting fewer work- - Jane Miller, COO, ing hours? A solution to fix this would Gallup be to change the structure of pay based on accomplished work rather than time spent. Another hypothesis is one with less THURSDAY, APRIL 6, 2017 3 Business Executives Dinner - Aimee Bosman, Gettysburg College On the evening of Thursday April 6th we had the sow, General Partner and CIO of Elkhorn Partners. He too privilege of attending a dinner with four business executives echoed the words of Warren Buffett in that no matter what from the Omaha area. We were split up into four tables where we do in life, we really have to love it. It was clear that his we had the opportunity to meet one of the four executives job, working from home as a hedge fund manager, was very who had joined us for the evening. I sat at the table with Liz appealing to him and there was no doubt that he loved what Ziegenbein, Executive Director Emerita of the Peter Kiewit he did. He also echoed one of Mr. Buffett’s words of advice – Foundation, although she has been involved in a multitude “the best decision you can ever make is picking your spouse”. of leadership roles in businesses and programs in addition to Love and long-term commitment is clearly important in Oma- this one. It was unbelievable how much wisdom Ms. Ziegen- ha and was reflected in this dinner and throughout the trip. bein had to impart on us. She was keenly interested in where we were from and what our backgrounds were and noted that learning people’s geography is key in life, and that having a sense of cultural literacy is fundamental in making connections with other people. She discussed literature; featuring life lessons she has learned from reading Sherlock Holmes such as deductive reasoning. Ms. Ziegenbein reflected on many of the values that Mr. Buffett holds dear such as civility and kindness – Midwestern values that Ms. Ziegenbein believes are essential to instill in the younger genweration. Final words of wisdom came in the form of a book Ms. Ziegenbein recommended we read by P.M. Forni, titled Choosing Civility. We then all made our way to another table for dessert, where I joined Alan Par-

Business Executives Dinner - Akanksha Santdasani, Wharton The first day of the Warren Buffett trip was concluded thropy to finance, the business executives provided invaluable with the opportunity to dine with local Omaha business ex- insights into the evolution of Omaha’s unique business landscape ecutives at Stokes, a popular Southwestern restaurant. During over time. Whether through Ms. Fay’s fond descriptions of the this Business Executives dinner, we were fortunate enough to “Christmas in May” that Borsheims experiences due to Berk- be able to interact with four prominent local business leaders shire Hathaway’s annual shareholder meetings, or Mr. Brown’s including Adrienne Fay, the Director of Marketing, Advertis- engaging anecdotes about high-profile guests such as Bill Gates ing and Business Gifts at Borsheims, a Berkshire Hathaway and Hank Paulson that have visited Omaha, it was extremely fas- owned jewelry business, David Brown, the President and CEO cinating to learn about Mr. Buffett’s deep-rooted and cherished of the Greater Omaha Chamber, Alan Parsow, the General presence within the local community as well as his profound Partner and CIO of Elkhorn Partners and Lyn Ziegenbein, the contributions to its society. By sharing their own experiences, Executive Director Emerita of the Peter Kiewit Foundation. the business executives also highlighted the distinctive charm of In addition to introducing a diverse set of perspectives the Omaha’s gregarious inhabitants and its promising potential from across a range of different industries ranging from philan- as a thriving entrepreneurial incubator and technological hub. As Michelle Jaffee, a sophomore from Penn, elo- quently summarized “our interactions at the dinner intro- duced a completely new dimension to our understanding of Omaha’s cultural and commercial environment”. In addition to being highly engaging, the Business Executives dinner was thoroughly informative. The SWS team is truly grateful for the opportunity this event offered to interact with and learn from some of the region’s most prominent business leaders. FRIDAY, APRIL 7, 2017 4 Lunch with Warren Buffett - Sabrina Tao, Cornell University

The Q&A with Mr. Buffett was immediately followed interested in investment management in the future. And Avery, by lunch at Anthony’s Steakhouse. Tiffany Niver, the found- a Brown junior, said “I am very into art and will work for an ing member of the Harvard Chapter joined us. Tiffany is a auction house in New York City this summer”. I really enjoyed two-time Harvard alum with both a Bachelor’s degree and an lunching with both an alum and fellow chapter members. MBA from the school, and she is currently a Senior Product Manager for Amazon Local Services. When asked about when is a good time to attend business school, Tiffany advised us to get the degree “earlier” in order to make the most of the experience. It was great to hear how her SWS experience impacted her career path and we really appreciated how she took the time to take the trip out here and join us. I love the fact that Smart Woman Securities brings together girls with shared passions for finance and investment management, while everyone shares such different interests and backgrounds. I sat with Alice, a Harvard sophomore who studies Architecture, but is

You can’t elect to be a lot of things but you “ can elect to be the kind of person other people want to be with, work with, and be friends with for the rest of their lives. – Warren Buffett ”

FRIDAY, APRIL 7, 2017 5 Oriental Trading Company - Tara Sorman, New York University BSWS had the opportunity to visit the La Vista Ful- ing customer obsessed.” Director of Internal Operations fillment Center of Oriental Trading Company where they are Jodi Hoatson noted that it is unique to find a company responsible for delivering fun to OTC’s nationwide customers. with “create fun” listed second on its list of most cherished “We’re selling $600 million of products $7 at a time,” notes Mr. standards, but perfectly fitting for the culture at OTC. Mendlik, COO and CFO of OTC, “so the Fulfillment Center OTC’s family-oriented spirit is the crown jewel of the organi- is an absolute necessity.” With total space equivalent to 12 foot- zation’s success. Megha Agarwal, a junior at Penn, was amazed ball fields, the fulfillment center operates using the latest tech- “to see how [OTC] could reach such far distances but still have nology, like a state-of-the-art Beumer unit sorter and a Pick-to- such a local focus.” The company’s culture is reflected in -ev Voice system, to cater to customer needs as efficiently as possible. ery aspect of its processes, and its employees are eager to share This efficiency is key in upholding OTC’s values, which the fun they have each day with families across the country. include “doing what is right, no matter what” and “be-

SWS Dinner - Megha Agarwal, The Wharton School On Friday, Tracy Britt Cool, one of the co-founders of Smart Woman Securities, joined us for dinner at Go- “You have to stick within what I call your rat’s Steakhouse. Ms. Cool is now the Chief Executive Of- ficer at Pampered Chef and also extremely involved with “ circle of competence. You have to know Berkshire Hathaway’s holdings, acting as the Chairwom- what you understand and what you don’t an for Oriental Trading, Benjamin Moore, and Larson- understand. It’s not terribly important how Juhl, and a board member of Blue Apron and Heinz-Kraft. big the circle is. But it is terribly important to During the dinner, Ms. Cool discussed multiple topics relevant to us as SWS members – she skipped around from her know where the perimeter is. experiences with SWS, her inspiration behind its formation, – Warren Buffett ” her challenges as a woman in business, and her experiences working in a top executive position. When discussing SWS, Ms. Cool mentioned that a lot of the initial ideation for the organization stemmed from wanting to create a space for women She finds that by making a more conscious effort to take to feel like diversity was treasured and not a disadvantage. She her seat at the table, avoid words like “just” and “sorry,” led by saying she “never saw SWS growing to this extent.” . and apply to positions that she believes she is qualified for We continued to discuss Ms. Cool’s personal experienc- goes a long way in increasing her credibility and reliability. es as a woman in the workforce – from mentorship, to her expe- Regarding Ms. Cool’s talk, many students were inspired riences with the “Boy’s Club,” to her take on work-life balance. and found themselves passionate about work-life as a woman in She mentioned that upon reading Sheryl Sandberg’s Lean In, business. Michelle Jaffee, from the University of Pennsylvania, she found that she previously did many mentioned that she was “excited to enter the workforce as com- of the things discussed in the book. fortable and proud of her identity as Ms. Cool was about her own.” SATURDAY, APRIL 8, 2017 6 Aromas Bliss - Avery Semjen, Brown University

brother-in-law. Now, while owning her own bakery, she still You can make yourself 50% more valuable in keeps it a family affair as Autumn revealed her immense gratitude for her parents’ help and support along the way. These “ the next 3 months by improving your com- family values translate seamlessly into the environment that she munication. wants to create as a gathering place for community members – Warren Buffett ” to interact with one another. Along with her desire to keep things quaint, she has hired just thirty-nine employees that are on personal growth interviewed extensively and hired quite selectively. Autumn Upon walking into Aromas Bliss, you are greet- wants to guarantee the same quality at each of her three shops ed with the smell of freshly brewed coffee and baked and cares more about their personalities and work ethic than goods. The eclectic shop is owned by the Omaha local, Au- the skill that can be learned on the job. She wants to make tumn Pruitt and radiates the local flavor. As she works sure that “we know our customers better than anyone else.” behind the counter interacting with evidently frequent She is continually working to improve her system, from how customers, she demonstrates an authentic small busi- to staff the shops to organizing her time efficiently. It is -evi ness atmosphere with a friendly and humble disposition. dent that Autumn loves what she does and stands as a role Autumn has always loved coffee and grew up within a family of model for young women looking for managerial roles in the bakers. She fondly recalls the days of baking with her mom and business world. She has pushed passed the barriers that any- experimenting with passed down recipes. She is currently also one, especially a woman faces when taking on such respon- sourcing her own coffee and perfecting new blends with her sibilities and manages them effortlessly and successfully.

From left to right, bottom to top: First row: Nikita Gupta (Carnegie Mellon ’18), Akanksha Santdasani (UPenn ’19), Alessandra Henry (Notre Dame ’18), Lucy Dikeou (Stanford ’17), Mr. Warren Buffett, Naomi Shah (Stanford ’17), Lu Qiao (Columbia ’19), Jiaqi Duan (Bowdoin ‘17), Sabrina Tao (Cornell, ‘18) Second row: SWS Founding Member Tiffany Niver(Harvard) , Sarah Lee (Dartmouth ’18), May Nguyen (Dartmouth ’18), Emilie Fran- gione (Fordham ‘19), Jessica Yin (William and Mary ‘18), Avery Semjen (Brown’18), Michelle Jaffee (UPenn ‘19), Megha Agarwal (Whar- ton ‘17), Tara Sorman (NYU’19), Alice Xiao (Harvard ‘19) Third row: SWS Director Darla Jade, Aimee Bosman (Gettysburg ’18), Jiaping Shen (UVA ’17), Paige Dalcourt (Fordham ’18) AFTER THE TRIP 7 Overall Impressions - Emilie Frangione, Fordham University

Founded in 1870 by Louis Bor- What impressed us the most sheims to build one of the highest re- sheim, Borsheims is a jewelry store in is Borsheims’ commitment to cus- turning customer ratios in the indus- Omaha, Nebraska. The company became tomer relationships. Through talk- try. To improve efficiency, Borsheims one of Berkshire’s holding companies ing to their seller staffs, we learned locates their office above the sales store in 1989 and built a 62,600 square feet that customers can easily return the so management can closely monitor the store in Regency Court. During our jewelry at original cost even after store. The annual Berkshire Hathaway visit, we had the opportunity to meet 10 years. They also allow custom- Shareholder meeting also serves as a huge Borsheims’ Director of Marketing, ers to try on even the most expen- selling season for Borsheims as investors Adrienne Fay, who oversees the B2B sive jewelry at customers’ preference. also want to give back to the company. scales channel, all print and visual com- The commitment to foster a life-long munication, electronic, and social me- customer relationship has help Bor- dia. Ms. Fay has worked for Borsheims for over 10 years and passionately shared with us her knowledge about Bor- sheims. Ms. Fay told us that the philosophy of Borsheims is offering an extensive inventory and exceptional customer ser- vice at the lowest possible price. Accord- ing to Mr. Buffett’s investing philosophy, Borsheims has a safe ‘moat’ from its competitors because of its diverse inventory offering, operational efficiency and creative selling strategy. The store currently houses more than 1,000,000 pieces of jewelry, watches and fine gifts and serves an international clientele spanning 50 states and six continents. In order to ensure product diversity, Borsheims attends the annual jewelry show in Las Vegas to source their inventory. Overall Impressions - Alessandra Henry, University of Notre Dame

Omaha, Nebraska – a growing city with a small Many other SWS members agreed that we would like to “have it town feel, where a strong work ethic and a humble atti- all”— as in balancing a family and a career, so hearing from these tude are deeply ingrained in the community. Having been women was extremely encouraging. The second day, we visited our entire group’s first visit to the commercial hub, most of Berkshire-owned companies, which covered a variety of indus- us weren’t sure what to expect. Omaha proved to be a true tries. However, while each company had the freedom to create Midwestern city, as locals exuded positivity while engag- their own cultures, they were very much linked to Berkshire values. ing in friendly conversations and businesses expressed their As a whole, this trip proved to be an incredible op- genuine care about community interaction. The impor- portunity to learn from some of Omaha’s most important tance placed on relationships, in both of the aforementioned business executives and form connections with one another. contexts, was the main theme that categorized this trip. For many, this trip culminated in a more tangible relationship Our group’s first day in Omaha included vis- with the national organization, and a greater understanding of its to TD Ameritrade and Gallup, where we heard from the SWS mission. We came on the Buffett trip as a group of many women in executive positions. At Gallup in particu- women from opposite sides of the country, but left as a co- lar, after hearing from a panel of mothers balancing full- hesive unit, inspired by this incomparable opportunity to time jobs, it was the first time I began to consider my dis- advance the role of women in the financial services industry. tant familial plans as it relates to my current job prospects.

AFTER THE TRIP 8

Overall Impressions - Michelle Jaffee, The Wharton School The 2017 Smart Woman Securities Warren Buffett trip tendees of the trip to discuss some of his most salient advice in Omaha, Nebraska was a once in a lifetime experience that for us personally and for each of our chapters. In reflection each participant on the trip will remember and cherish for the on the caliber of discussions throughout the trip, Penn junior rest of her life. For all of the women selected to attend this trip, Megha Agarwal expressed, “The discussions that all of the par- visiting Nebraska was a new experience. As NYU sophomore ticipants had with each other in helping us grow our chapters Tara Sorman conveyed in the beginning of the trip, “I have to become as successful as possible were electric and full of ex- never been to Nebraska before, but I’m extremely excited to tremely valuable insight.” Overall, this trip enhanced our pas- learn more about the business environment and culture here.” sion and dedication to Smart Woman Securities at a national We had the opportunity to visit and learn from managers at level and reinvigorated our dedication to each of our chapters. TD Ameritrade, were inspired by many successful investors, the highlight being an exclusive Q&A session and lunch with Warren Buffett, and had the pleasure of hearing from Autumn Pruitt, the founder of Aromas Bliss in Omaha. Through the exposure of learning from large corporations, small businesses, investors like Mr. Buffett, and the companies in his portfolio, attendees gained invaluable insight into what makes both large corporations and small businesses function and succeed, as well as how investors create smart portfolios and how those portfolio companies work with the capital and mentorship of investors. It was rewarding to not only learn from Mr. Buffett, but to also relay our experiences from our session with other at- Reflective Paper - Megha Agarwal, The Wharton School Dinner at Gorat’s on Friday evening was a fantas- nary results.” It was not until I began the preparation for this tic experience. People spend the majority of their lives try- trip that I realized this could not be farther from the truth. ing to find a way to be great – a way to be extraordinary Mr. Buffett is one of the strongest examples of some- and a way to be memorable. When we are children, we one who is consistent, someone who does the right thing, and learn about princesses and princes and knights who fight someone who reaps the benefits of doing so. He is neither ex- dragons to save the nation. When we are in elementary cessive nor unreliable with his methods, and he is neither ex- and middle school, we learn about presidents and those in- travagant nor out-of-touch. The method to his madness, I have volved in politics and the government, who dedicate their learned, lies in his ability to remain grounded – something lives to defending our nation and moving it forward. When that many people are unable to do with success and goodwill. we get older, we learn of Fortune 500 CEOs and young en- Mr. Buffet’s message is one that extends beyond trepreneurs, people who innovate and lead beyond compare. the investing world – it is relevant across various situa- It is no surprise that people spend the ma- tions and times. Often times it is the consistency of little jority of their lives trying to find a way to be great. actions that make extraordinary results. It does not al- It is a surprise, however, to hear someone who is great tear down ways have to be the grand, overwhelming actions, but it the traditional notion of greatness and success, and it is some- can sometimes be more accessible and nuanced than that. thing that can have powerful effects. After all, it is true. It is not necessary to do extraordinary things to get extraordinary results. Common actions and little movements and small gestures can lead to extraordinary results. It is not necessary to do extraordinary things, and it is something that we, It is not necessary to do extraordinary as a society, often forget. Students are taught that they must “ things to get extraordinary results. be extraordinary to get extraordinary results, and adults – Warren Buffett ” are told that if they do not do extraordinary things, there on human potential is no possibility of extraordinary results. But it is not true. When I first heard this quote stated, I rolled my eyes and thought, “Well of course that is easy for him to say, he has done both extraordinary things and gotten extraordi- AFTER THE TRIP 9 Reflective Paper - Sarah Lee, Dartmouth College In our modern age of social me- need an extravagant lifestyle to match Mr. Buffett, I strive to push away the dia, my generation is inundated with his incredible wealth, which points to distractions of everyday life and prac- filtered images of people living seem- his focus on investing itself. My genera- tice good habits that may not be ex- ingly perfect lives. There is a constant tion assumes that it is desirable to live ceptional, but are productive and ef- pressure to not only keep up appear- spontaneously and luxuriously. There are fective in creating something greater. ances, but also overachieve. Warren millions of distractions in our everyday Someone is sitting in Buffett provides a refreshing reminder lives, especially as we become more and that “It is not necessary to do extraor- more technologically connected. How- “ the shade today because dinary things to get extraordinary re- ever, it is obvious how living a flashy someone planted a tree sults.” While Mr. Buffett is an excep- life and pretending to achieve “extraor- a long time ago. tional genius, his patience, discipline, dinary” things is not equivalent to liv- -Warren Buffett and rationality have led him to his “ex- ing a simple but focused life and actu- ” traordinary results” in investing and life. ally achieving “extraordinary” success. Mr. Buffett is a man of routine, which It is important to note that simple points to his discipline. He also does not does not necessarily mean easy. Like

Reflective Paper - Lucy Dikeou, Stanford University Learning about Warren Buffet with strong moral principles, a competi- make concerted efforts to always put my has been one of the greatest sources of tive nature, high work ethic, and with reputation and character above short inspiration in my life to date. Perhaps innate intelligence and intuition. From gains. I am ambitious and competitive. it is this time period of my life that has there he called on all his subsidiaries to I believe in efficiency. Through reading made this quote resonate with me, and do the same. Not only hold themselves about, studying and meeting Warren made me value Buffet’s decision-mak- to this standard, but also hold everyone Buffet I have made a promise to myself ing process so highly. I am currently around them as well. He did not say this to not let these traits overshadow integ- at a transition stage in my life. Having passively. He said it with conviction and rity. I will never put short-term success just graduated in May, I am now asking action if necessary. This is demonstrated or efficiencies above my morals, nor will myself some hard questions; which op- through him saying that if you lose mon- I comprise my integrity for any price tag. portunities should I pursue next? What ey for the firm he will be understanding, do I want to be remembered as? How however if you lost a shred of reputa- It takes 20 years to build a do I want to govern myself for the next tion for the firm, he would be ruthless. “ reputation and five min- 5,10,70 years? Through reading about He backed up his belief, and this quote utes to ruin it. Mr. Buffet’s integrity, it is clear that both in action and in ideology as demon- above his other successes Mr. Buffet takes strated by how seriously he takes main- If you think about that, responsibility for himself and his actions taining his reputation. His spotless rep- you’ll do things differently. first, and only this can lay the ground utation not only has preserved its high –Warren Buffett ” work for building a company like Berk- character, but has been able to serve him on character shire Hathaway. He first developed his throughout many difficult situations. own reputation for being an individual Moving forward, I know that I need to ACKNOWLEDGEMENTS 10

Thank you to all of our corporate supporters for the 2016-2017 Academic Year! We thank you for supporting our mission and encouraging our growth! Platinum Partners

Gold Partners

Corporate Contributor