Warren Buffett TripApril 8-10, 2010 Omaha, Nebraska

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Sneak Letter from National Trip CoordinatorsPeek

Impressions

Memories

“

”

I got to know so many wonderful girls from the other prospective and current chapters that I

will defi nitely be keeping in touch and getting

together with them this summer!

Day 1

•Gallup

Organization Visit

•TD Ameritrade

Visit

page 2

•Exclusive Dinner

with Mr. Buffett

page 3

Day 2

•Nebraska

Furniture Mart Visit

•Q&A, Lunch with

Mr. Buffett

•Weitz Funds Visit

page 4

•Business

Executives Dinner

page 5

Day 3

•Interactive Event

page 6

“

”

The trip was a spectacular, once-in-a-life-time opportunity not only to meet Warren Buffett but also to personally

interact with him.

“

”

I was touched by the fact that the speakers were so willing to set aside time in their busy schedules to not only meet with us but also share honest advice.

On April 8-10, members of the

current and prospective Smart

Woman Securities chapters

ventured to Omaha, Nebraska

to visit Warren Buffett. This

was the fourth SWS trip to visit

the “Oracle of Omaha,” and

students were excited to get his

insights on business, investing,

careers, and life in general. Mr.

Buffett graciously answered

questions over steak dinners

and root beer fl oats with SWS

members and fi elded additional

questions during a two-hour

Q&A session the following day.

In addition to spending time

with Mr. Buffett, SWS members

visited The Gallup Organization,

Nebraska Furniture Mart, TD

Ameritrade, and Weitz Funds,

where executives shared their

invaluable experiences. The

students also interacted with

dynamic business leaders from

various industries at the Business

Executives Dinner, before

wrapping up the trip with an

SWS Interactive Event, where

members shared best practices

across chapters. The trip gave

SWS members a well-rounded

sense of different experiences

and perspectives in the business

and investing worlds.

We would like to extend

our sincerest gratitude to Mr.

Buffett for his willingness to

host SWS members for this

great visit. It was an honor to

be invited back again. We would

also like to kindly thank Carrie

Kizer in Mr. Buffett’s offi ce for

her help in planning the trip.

Additionally, we would like to

thank our various speakers and

dinner guests for sharing their

experiences with SWS members.

Lastly, we would like to thank the

SWS Chapter Trip Coordinators

– Holly Toczko, Columbia; Lily

McGettigan, Fordham; Sherry

Chao, Harvard; Kate Bowden,

Yale; and Jia Huang, Yale – who

committed their time, energy,

and ideas to ensure that this trip

was successful. Please read on to

learn more about the trip.

Sincerely,

Tiffany Niver

Teresa Hsiao

Tracy Britt

Gallup Organization Visit

TD Ameritrade Visit

Sayoko Kumamaru

Boston College, 2012

Joanna Da Lu

Yale, 2011

Day 1 Thursday, April 8, 20102

Smart Woman Securities

started its Omaha trip with a

visit to the Gallup Organization.

Upon arrival, the students

received their results for the

Clifton StrengthsFinder they took

prior to the trip, with detailed

explanations on each of their

“strengths.” Students expressed

excitement and shock as they

discovered the high degree of

accuracy of some of their results.

The small group discussions

were followed by two speakers,

Jessica Tyler and Jim Krieger,

who gave informative

presentations on the intersections

of behavior, engagement, and

the economy. In her insightful

PowerPoint presentation, Ms.

Tyler taught students about

Gallup’s research-based approach

and how that compares to those

of other consulting companies.

While consulting fi rms tend to

take a one-sided approach to

advancement, Gallup focuses on

individual wellbeing as well as

employee strengths rather than

weaknesses. This helps fi rms

align and improve both the

marketplace and the workplace.

Srinidhi Reddy, a junior from

Harvard, said, “This visit exposed

me to the interesting fi eld of

behavioral economics, and I

think the work Gallup does is an

interesting spin to the consulting

industry.”

Mr. Krieger, the Vice

Chairman and CFO, gave

students insight into how

Gallup’s opinion polls and

engagement-focused initiatives

contribute to an interaction-

based service industry. Shelley

Foran, a sophomore from Yale,

commented, “Something that

really struck me is the tremendous

effect that engagement has on

performance. Not only is it

important for employees to be

engaged for personal well-being,

but it also elevates the output of

the company.” Students loved

learning about these correlations.

Overall, it was a phenomenal visit.

After an informative visit

to The Gallup Organization,

SWS delegates visited the

headquarters of TD Ameritrade

Holding Corporation, one of the

largest online brokerage fi rms

in the world. Upon arrival, Bill

Gerber, Executive Vice President

and Chief Financial Offi cer,

provided a straightforward,

easy-to-understand introduction

of TD Ameritrade’s business

model, pithily titled “How We

Make Money”. Mr. Gerber

chronicled the company’s rise

in fi nancial strength, revenue,

market cap, and other markers of

growth through its strong cash

position, simple online model,

heavy investment in technology,

and strategic acquisitions in

the past decade.

C o n c l u d i n g

with a pitch for

the prolonged

profi tability of

TD Ameritrade

stock if the

Federal Reserve

raises interest

rates, Mr.

Gerber gave

an entertaining

and educational

overview of the company.

The second part of the visit

featured an inspirational talk

by Joe Moglia, Chairman of

the Board and former Chief

Executive Offi cer of TD

Ameritrade. A man of humble

beginnings but extraordinary

business acumen, Mr. Moglia

emphasized that we “are entitled

to nothing,” and that it takes

a combination of dedication

and spiritual soundness to

achieve success. As Kate

Bowden, a senior from Yale,

noted, “Humility is such an

important trait because it drives

you to keep trying even when

something doesn’t fall into your

lap; it also stresses a sense of

down-to-earth success rather

than superfi cial prestige.” A

dynamic speaker, Mr. Moglia

had the audience in tears when

recounting his long and arduous

journey from juvenile gang

membership in the Bronx, dual

passions for football coaching

and fi nance, and personal family

involvement in the September

11 attacks. His takeaway message

for self-discovery and pursuit

of careers truly excited the

students and was touching and

inspirational to all. Jia Huang,

a junior at Yale, echoed many

students’ sentiments about

the TD Ameritrade visit: “Mr.

Moglia has an incredible story

and the charisma of a natural

leader. We were very fortunate

to be able to get advice from

such an accomplished role

model. The best advice he gave

was reminding us that in the

real world, ‘you are entitled to

nothing!’”

Exclusive Dinner with Warren Buffett

Angela Luongo

Fordham, 2011

Alice Zhang

Columbia, 2012

Fordham Columbia

Thursday, April 8, 2010 Day 1 3

The prospect of dining with Warren Buffett

can certainly be daunting; yet, the young women

of Smart Woman Securities were immediately put

at ease when Mr. Buffett walked through the door

and proclaimed, “Now, this is my kind of ratio!”

Anne Lee, a freshman at Princeton University,

stated, “I wasn’t nervous at all. It was easy to

connect to him because he is so charismatic. I

learned a lot about investing, but more importantly,

about life.” Indeed, Mr. Buffett’s vivid stories are a

testament to his genius, leadership, and charm. His

stories not only relay his investment style but also

offer insight into the way in which he goes about

living his life.

Many of Mr. Buffett’s stories seemed to always

connect to the theme of love. Mr. Buffett’s “love

of the business, and not the money, has allowed

him to realize his potential as an investor,” said

Jennifer Ali, a senior at Fordham University.

His call to fi nd work that one truly loves is awe-

inspiring, but perhaps the most touching story of

the night was that of an Auschwitz survivor. “She

struggled with trusting others and would always

ask, ‘Will they hide me?’” said Mr. Buffett, who

then paused and asked SWS, “How many people

would hide you?” Mr. Buffett seemed to equate this

story to how one ought to measure success, not by

one’s net worth, but by one’s relationships. SWS

has allowed me to fi nd my passion for business in

addition to surrounding myself with people who I

trust will “hide me.”

perspective perspective

From his insightful advice to his sense of

humor, Warren Buffett kept the students’ attention

throughout the course of Smart Woman Securities’

exclusive dinner with him. In particular, the

students enjoyed the meaningful thoughts that he

shared, such as, “What is happiness? It is to be

loved by those who you want to be loved by.”

Mr. Buffett went on to articulate that

communication is a key skill to learn, sharing with

the group a very interesting story that showed how

this skill became one of the keys to his success: as a

nineteen-year-old, Mr. Buffett spent $200 to take a

public speaking course, even backing out of it once

until he fi nally had the courage to try again. As

a result, Mr. Buffett gained the confi dence to not

only speak in public but also propose to his wife.

Another interesting topic became the centerpiece

of the discussion when Mr. Buffett was asked,

“What are the biggest mistakes you have made

in your life?” Mr. Buffett brought up that any

investment mistake is trivial because these types

of mistakes are correctable. However, choosing a

spouse constitutes one’s biggest decision because

making a mistake in this arena is too expensive for

anyone.

The women of SWS left this dinner with

inspiration, courage, and a greater sense of

direction in their lives. Mr. Buffett’s words rang

in our ears to follow those basic rules of life that

many know but few remember.

Q&A, Lunch with Mr. Buffett

Nebraska Furniture Mart Visit

Stephanie Sher

Princeton, 2012

Remy Dikeou

Dartmouth, 2012

Anne Lee

Princeton, 2013

Weitz Funds Visit

Day 2 Friday, April 9, 20104

Smart Woman Securities's

second meeting with Warren

Buffett was held at the historic

Field Club. Also in attendance

were MBA students from

MIT, Stanford, University

of Minnesota, University of

Indiana, University of Chicago,

and Emory. Mr. Buffett kept

the program running effi ciently

without sacrifi cing thoroughness

in his responses. Buttressing

his presentation with personal

anecdotes and mirthful jokes,

Mr. Buffett smoothly juxtaposed

private life lessons with opinions

about business and politics.

In response to a more personal

inquiry as to the individuals

who infl uenced him the most

throughout his life, Mr. Buffett

spoke at length both about

respecting his father’s character

and about appreciating the spirit

and love that his wife created

in his life. Near the end of

the Q&A session, Mr. Buffett

speculated that, though he had

made mistakes during his life,

most of them turned out well.

One can guess that this is a result

of Mr. Buffett’s optimism and

intellectual versatility.

From the Field Club, student

groups migrated to Piccolo Pete’s

Restaurant, an old favorite of

Mr. Buffett’s. Lily McGettigan, a

junior from Fordham University,

testifi ed, “Not only was the Q&A

with Warren Buffett entertaining

and educational, lunch at Piccolo

Pete’s provided the perfect

setting for us to follow up with

Mr. Buffett on a more personal

level as well as interact with SWS

members from other current and

prospective chapters.”

As Mr. Buffett drove away in

his gold Cadillac, we knew our

morning had been the experience

of a lifetime.

On the second day of

the trip we visited Nebraska

Furniture Mart. The Mart was

started up by “Mrs. B,” a Russian

immigrant who, upon arriving

to Nebraska, had neither a high

school degree nor a grasp of the

English language. Mrs. B’s motto

of “sell cheap and sell the truth”

continues to dictate how the

business is run.

Our tour started in the

mattress section where we

learned about the high-quality

and limited-edition mattresses

such as “The Warren,” named

after Mr. Buffett, and “The

Nervous Nellie,” a mattress

designed by Mr. Buffett which

features a secret pocket to stash

valuables like cash and old

Playboy magazines.

According to our tour guide

who led us through the various

departments, “The Mart” has

a signifi cant presence in the

furniture business. The business

is able to sell high-end furniture

for unbeatably low prices with its

fl at management structure.

Holly Toczko, a junior

at Columbia University, was

one of many SWS students

who appreciated The Mart’s

business strategy. Holly was

fascinated that, “Even with such

strong competition, Nebraska

Furniture Mart is able to run a

widely successful business with

solid business ethics and such

dedication to low prices and

quality.”

SWS visited Weitz Funds as

its last company visit on Friday

afternoon. The students were

personally greeted by Wally

Weitz, the founder of Weitz

Funds, his son, and another

analyst of the funds. Mr. Weitz

began the session by introducing

his background and providing

a brief overview of Weitz

Funds’ purpose, philosophy, and

operations. He then transitioned

to open Q&A with the audience.

Mr. Weitz explained how

his company focuses on value

investing and that his “philosophy

owes a lot to Warren [Buffett’s]

ideas.” Like Mr. Buffett, Mr.

Weitz became inspired by a

lunch with a stockbroker and

fi rst started investing at a young

age. He continued to be involved

with the markets throughout

high school and college. After

having worked in various

fi nance fi rms, Mr. Weitz started

his own company in 1983 that

initially began in the form of

partnerships and has since then

turned into 8 mutual funds.

Everyone from SWS was

extremely enthusiastic during

the Q&A session—the students

asked a plethora of questions,

ranging from personal to

technical questions about the

market to questions about Weitz

Funds’ business operations.

Angela Lungo, a junior at

Fordham, said, “I liked his

presentation and how he spoke

in ways we can understand. It is a

testament to how value investing

is simple but not easy.” Lily

McGettigan, another junior from

Fordham, added, “Mr. Weitz was

extremely insightful about the

effects of rising rates. I learned a

lot from his presentation.”

SWS Dinner with Business Executives

Lily McGettigan

Fordham, 2011

Friday, April 9, 2010 Day 2 5

With the strong support of Smart Woman

Securities’ founding team, SWS was afforded

the opportunity to meet with not only Warren

Buffett but also a dynamic group of business

executives from Omaha, Nebraska, including Joe

Moglia, former CEO and current chairman of

TD Ameritrade, and David Brown of the Omaha

Chamber of Commerce.

Stephanie Sher, a junior from Princeton, said,

“It was incredible to learn from and exchange ideas

with prominent public fi gures who are so much

more experienced than me!” Anne Lee, a freshman

at Princeton, said, “I especially enjoyed the mixer

right before dinner—the open atmosphere of the

restaurant and the friendliness of all of the executives

were astounding.” To add to their impressions, I felt

that the dinner was an opportunity to network with

high profi le executives from different industries to

get a feel for the different skill sets needed for a

wide variety of careers. I sat with Mr. Moglia, and

he was fully engaged with each SWS member at

our table—topics ranged from past experiences to

career advice.

Kate Bowden, a senior from Yale, said, “Each

executive made a point of getting to know each of

us individually. I found myself wanting to follow up

with them further by the time the dinner was over.”

Additionally, Sherry Chao, a sophomore from

Harvard, said, “Meeting the top business executives

from Omaha was a phenomenal experience. From

speaking with them, I was able to gather just how

involved they were in advancing the growth and

success of the city in which they live.”

Yale FordhamRobin Tang

Yale, 2011

The Business Executives Dinner was an ideal

follow-up to the Buffett Dinner from the previous

night because it allowed trip participants to gain

difference professional perspectives from a variety

of successful people. The Executives Dinner was

held on the second fl oor of Rick’s Café Boatyard,

which overlooked the Missouri River in the dis-

tance. We had the chance to mingle with and talk to

different executives for the fi rst hour. I had the op-

portunity to talk to Rachel Jacobson, the founder

and fi nance manager of a nonprofi t organization

called Film Streams, which collaborates with other

organizations to engender awareness and conver-

sations regarding certain social problems. Aside

from Ms. Jacobson, I also talked to Charles Eisele,

a Senior Vice President at Union Pacifi c.

After the initial mingling, participants were

seated around fi ve different tables, each joined by

two business executives. At my table, Robert Batt

of Nebraska Furniture Mart and Robert Maher of

Woodmen Life Insurance introduced some inter-

esting topics to our dinner conversation. As the

grandson of the founder of NFM, Mr. Batt over-

sees his company, following Mr. Buffett’s manage-

ment ideals. Epitomizing Mr. Buffett’s emphasis

on good management and strong economic moat,

NFM owns about 70% of Omaha’s market for fur-

niture. Mr. Maher also echoed Mr. Buffett’s con-

servative investment advice, citing that Woodmen’s

relatively low involvement in the derivatives market

was what had shielded it from much of the recent

fi nancial crisis.

perspective perspective

Business Executive

Attendees

Robert BattDavid Brown

Charles R. EiseleJohn Gehring

André Hawaux

Dean HollisRachel Jacobson

Robert Maher

Joe MogliaAlan ParsowTroy Perry

Constance Ryan

Day 3 Saturday, April 10, 2010

Participants

SWS Interactive EventJia Huang

Yale, 2011

Current Chapters

Columbia

*Holly Toczko, ‘12

Alice Zhang, ‘12

Fordham

Jennifer Ali, ‘10

Alice Feng, ‘12

Angela Luongo, ‘11

*Lily McGettigan, ‘11

Angela Terra, ‘10

Harvard

*Sherry Chao, ‘12

Lucille Hu, ‘11

Srinidhi Reddy, ‘11

Yale

Katherine Archibald, ‘11

*Kate Bowden, ‘10

Sophia Chen, ‘11

Shelley Foran, ‘12

*Jia Huang, ‘11

Joanna Da Lu, ‘11

Yun (Keira) Lu, ‘11

Stephanie Naratil, ‘11

Valerie Naratil, ‘11

Lena Ren, ‘11

Christine Saffold, ‘11

Robin Tang, ‘11

Prospective Chapters

Boston College

Sayoko Kumamaru, ‘12

Laura Travers, ‘12

Cornell

Jenny Wang, ‘12

Dartmouth

Remy Dikeou, ‘12

Princeton

Anne Lee, ‘13

Stephanie Sher, ‘12

University of Pennsylvania

Anastacia Gordon, ‘11

*Chapter Coordinator

Special thank you to Sherry Chao, Harvard Trip Coordinator, for the design and editing of this Warren Buffett Trip Recap Project.

6

One of the greatest strengths

of SWS is its national structure,

which provides members with a

resourceful network of women

who are passionate about

investing. The SWS Interactive

Event further enhanced and

capitalized on this strength

by bringing together all nine

current and prospective chapters

for a fun morning of refl ection,

learning, and bonding on the last

day of the 2010 Warren Buffett

Trip.

“Is it nerdy that I really liked the

accounting exercise?” asked Lena

Ren, a junior from Yale, referring

to many people’s favorite event,

the Industry Challenge. Students

from different chapters worked

together in teams to evaluate

and match 13 industries with

their respective fi nancial metrics.

Outbursts of laughter

and cheers fi lled the

conference room every

time a team got a right

match, refl ecting the

SWS spirit of learning

and achievement

while building strong

friendships across

the 4 existing and 5

prospective chapters.

“I thought the

Interactive Event was a

great way to conclude the

visits and conversations

with professionals

during the visit to

Omaha and refl ect upon

what we’ve learned and

also just casually hang out with

the awesome people we met,”

said Jenny Wang, a sophomore

from Cornell. Representing a

prospective chapter, she was

particularly excited to get advice

from the existing chapters during

the Sharing of Best Practices

session and couldn’t wait to

bring the new ideas she heard

back to Cornell.

The event concluded with a

productive Individual Chapter

Brainstorming session, during

which members created concrete

action plans for improving each

chapter. After three inspirational

days with Warren Buffett and

other business leaders in Omaha,

it would be an understatement

to say that we all felt inspired

to work even more passionately

toward our goals.