2016 VIC OMAHAOMAHAOMAHA Social Value Investing. VALUEVALUEVALUEVALUE Strategic Giving. DIDINNENNERRDIDIDINNENNENNERRRDINNER Meaningful Impact. April 28 - 29, 2016 University of Nebraska at Omaha, College of Business Administration Thursday, April 28, 2016 ValueValue InvestorInvestor University of Nebraska at Omaha Mammel Hall ConferenceConference (67th St. and Pine) AgendaAgenda 4:30 p.m. - 5:15 p.m. Registration Mammel Hall Atrium 4:30 p.m. - 6:00 p.m. Welcome Conference Bookstore Open Mammel Hall Atrium 5:30 p.m. - 5:35 p.m. Welcome to our visitors from around the globe Robert Miles representing six continents and 33 countries. Those Author, UNO Faculty, Host arriving early have been able to attend the first ever Welcome Philanthropy Summit, featuring a panel discussion with Warren Buffett’s children, Susie Buffett and Peter 5:35 p.m. - 6:15 p.m. Buffett. Thank you for coming to the 13th Annual Tom Gayner Value Investor Conference along with the Omaha Co-CEO, Markel Corp Value Dinner. We hope you enjoy the Omaha events and Berkshire shareholder’s weekend and plan to join “Drinks” us again next year. 6:15 p.m. - 6:45 p.m. Sincerely, Reception Robert P. Miles, Summit and Conference Director, New Location: Scott Conference Center (6450 Pine St.) Author, International Speaker, Warren Buffett Scholar, Adjunct Faculty, University of Nebraska at Omaha, 6:45 p.m. - 7:15 p.m. Dinner Scott Conference Center 7:15 p.m. - 8:15 p.m. On behalf of the faculty, staff and students of the University of Nebraska at Omaha College of Business Chuck Akre, Founder Administration, welcome to Mammel Hall. We are CEO, CIO, Akre Capital Management honored to host all of you visiting our university from “What Are We After With Our Investment Strategy?” around the globe, representing 33 countries, making our college a United Nations of intellectual curiosity Friday, April 29, 2016 and wonder. I am looking forward to personally University of Nebraska at Omaha Mammel Hall (67th St welcoming you to our campus, and learning along with & Pine) you as we explore the philathropic endeavors of the Buffett family followed by world-class value investing 7:30 a.m. - 8:00 a.m. presentations by a variety of knowledgeable speakers. Registration - Breakfast & Coffee Mammel Hall Atrium Sincerely, Louis G. Pol, Ph. D. 8:00 a.m. - 6:00 p.m. John Becker Dean, College of Business Administration Conference Bookstore Open University of Nebraska Omaha Mammel Hall Atrium 8:00 a.m. - 8:40 a.m. 1:00 p.m. - 1:40 p.m. ValueValue InvestorInvestor Aswath Damodaran Fred Kiel Conference Author, Professor, NYU Author, Co-Founder, KWL International Conference “Price or Value? What’s Your Game?” “Return on Character: The Real Reason Leaders and AgendaAgenda Their Companies Win” 8:40 a.m. - 9:20 a.m. Anna Nikolayevsky 1:40 p.m. - 2:20 p.m. Founder, CIO, Axel Capital Management Rupal Bhansali “Global Macro: Drinking Upstream From the Herd” Executive Vice President and Chief Investment Officer, Global Equities Portfolio Manager Ariel Investments 9:20 a.m. - 9:40 a.m. “The Case for Contrarian Intrinsic Value Investing” Break 2:20 p.m. - 2:40 p.m. 9:40 a.m. - 10:20 a.m. Break Brian Bares CFA, Founder, CIO, Bares Capital Management 2:40 p.m. - 3:20 p.m. “Finding an Edge: Creating a Moat Around an Investment Michael van Biema Process” Author, Professor, Founder, Managing Partner, van Biema Value Partners 10:20 a.m. - 11:00 a.m. AND Tren Griffin Allen Benello Author, Senior Director, Microsoft CFA, Author, General Partner, White River Partners “Charlie Munger: Evolving Value Investing Beyond Cigar “Concentrated Investing: Strategies of the World’s Butts” Greatest Concentrated Value Investors” 11:00 a.m. - 11:20 a.m. 3:20 p.m. - 4:20 p.m. Break François Rochon 11:20 a.m. - 12:00 p.m. Founder, President, Portfolio Manager, Giverny Capital Jeff Auxier [Canada] Founder, CEO, CIO, Auxier Asset Management “The Art of Investing” “A Farmer’s Perspective on Stock Picking Along the Food 4:20 p.m. - 4:40 p.m. Value Chain” Break 12:00 p.m. - 1:00 p.m. 4:40 p.m. - 5:40 p.m. Lunch Charles Brandes Mammel Hall Atrium CFA, Founder and Chairman, Brandes Investment Partners Roger Lowenstein Chairman, Sequoia Fund; Author “A Conversation with Charles Brandes by Roger Lowenstein” 5:40 p.m. - 5:45 p.m. Robert Miles, Author, UNO Faculty, Host Closing Remarks PhilanthropyPhilanthropy 11:40 a.m. - 12:10 p.m. Summit Dr. Angela Eikenberry Agenda Author, Professor, University of Nebraska Omaha Topic: “Three Approaches to Making Meaningful Impact Through Thursday, April 28, 2016 Philanthropy: Lessons from Giving Circles” University of Nebraska at Omaha Mammel Hall (67th St & Pine) 1. Discuss different approaches to philanthropy and their 9:15 a.m. - 9:55 a.m. implications. 2. Learn about different types of giving circles and Social Value Investing. Registration changing approaches to giving. Abstract: What is philanthropy Strategic Giving. Mammel Hall Atrium for? Making us more fully human? Saving lives efficiently? Meaningful Impact. Bringing about systemic change? In a TED Talk-like format, Dr. 10:00 a.m. - 6:00 p.m. Eikenberry discusses three approaches to thinking about and Summit Bookstore Open doing philanthropy and their potential implications. She does this Mammel Hall Atrium by drawing on a decade of research on giving circles, groups of 9:55 a.m. - 10:00 a.m. people who pool their money and time to support charities or social Robert Miles enterprises in an engaged and social way. Host 12:10 p.m. - 1:10 p.m. Welcome Lunch 10:00 a.m. - 10:20 a.m. Mammel Hall Atrium Robert Miles 1:10 p.m. - 1:50 p.m. Author, UNO Adjunct Faculty Katie Weitz Topic: “Warren Buffett an Intelligent Philanthropist: A Thinking Community Consultant, Executive Director, Weitz Family Man’s Gift to the World” Foundation 1. Making money by investing in sure bets versus giving it away with Topic: “The Power and Pitfalls of Experimental Philanthropy huge unknown results. 2. Learn how Warren Buffett built his wealth Asking the Right Questions:” by partnering with outstanding people and how he is giving it away Is it possible to get “informed consent” in philanthropy? Is it under the same guiding principles. 3. Investing and giving in a very possible to “do no harm” when engaging in philanthropy? What concentrated way. does it mean to validate and replicate? Any good experiment can 10:20 a.m. - 10:50 a.m. be replicated, but who is responsible to do the additional testing? Steve Jordon Where is peer review? Is it responsible philanthropy to “scale” your Author, Journalist, Omaha World-Herald own project? Where is the “what doesn’t work” clearing house? Topic: “How Omaha and Warren Buffett Shaped Each Other’s How do we keep others from making the same mistakes? Philanthropy” 1:50 p.m. - 2:10 p.m. 1. Warren Buffett isn’t Omaha’s first philanthropist, and he won’t Break be the last, either. 2. Smart giving: How an Omaha group gives 2:10 p.m. - 2:40 p.m. success a chance. 3. Why doesn’t Warren Buffett just write a Jessie Rasmussen check? President, Buffett Early Childhood Fund 10:50 a.m. - 11:10 a.m. Topic: “Persistence, Partnership and Power: Building an Early Break Childhood Movement in the United States” 11:10 a.m. - 11:40 a.m. 1. Learn how a single, steady philanthropic focus pays off through Sara Boyd investments in policy, practice and knowledge. President, Omaha Community Foundation 2. Better understand the benefits and challenges of co-investing in Topic: “The Family Dynamic: Making Good Across Generational public-private partnership. Divides” 3. Know more about national and Nebraska efforts to redefine 1. Defying the gravity of familial roles; 2. Leveraging values for “education” in the 21st Century to include the first five years of life common ground; 3. Achieving balance between the group and self and learning. 6 7 2:40 p.m. - 3:10 p.m. PhilanthropyPhilanthropy Kristin Williams Director of Community Initiatives, Sherwood Foundation Map of Summit Topic: “How Donor Intent and Shared Values Influence Agenda Philanthropic Investments of The Sherwood Foundation: The Case Mammel Hall for Risk Taking, Mid-Course Corrections, and Patient Capital – What Has Worked and What Hasn’t.” #5 1. Understand how donor intent and values influence philanthropic 1st Floor investments of The Sherwood Foundation. 2. Hear specific #1: Mammel Hall Entrance Social Value Investing. examples of strategies at The Sherwood Foundation that were #2: Restrooms Strategic Giving. successful. 3. Why failure in philanthropy is and should be an #3: Auditorium Meaningful Impact. option. #4: Staircase to 2nd Floor Auditorium 3:10 p.m. - 3:30 p.m. #5: EBS (Executive Broadcast Suite) Break 3:30 p.m. - 5:00 p.m. Susie Buffett Chair, Sherwood and Susan T Buffett Foundation and Peter Buffett Co-Chair, NoVo Foundation Topic: “A Conversation with Susie and Peter Buffett” #2 1. Lessons learned and mistakes made by giving. 2. Important early #1 influences. 3. How Susie and Peter measure their success. 5:00 p.m. - 5:05 p.m. Robert Miles Host Closing Remarks #2 #3 #4 #1 8 9 Dear Prospective Donor: Nineteenth century American philosopher Albert Pike wrote, “What we have done for ourselves alone dies with us; what we have done for others and the world remains, and is immortal.” Doing for others by teaching this one-of-a-kind course and donating to the student-directed fund has become one of the most rewarding experiences I have done of my career and charitable giving.