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The following are the top three stock picks from the Blue Hen Investment Club, a student organiza... UD students visit 'Ora
In between sips from a can of Coke, legendary investor Warren E. Buffett dispensed wisdom to nearly 30 University of Delaware students gathered around him.
"He said, 'If you love what you do, the money will come,' " said Seth Stroback, a University of Delaware senior. "He told us to find something we were passionate about."
Stroback was one of 28 students who, along with two UD professors, had an opportunity to visit with Buffett at the headquarters of his company, Berkshire Hathaway, in Omaha, Neb. on April 14. Buffett, whose wealth Forbes magazine puts at $42 billion, making him the world's second-richest person, regularly hosts groups of business students from around the country as a way of imparting his tips for success. The "Oracle of Omaha," as he's known, has hosted groups from 35 colleges and universities this school year, said Debbie Bosanek, an assistant to Buffett.
The visits include a two-hour question-and-answer session with Buffett, followed by lunch at one of his favorite steakhouses, Gorat's, in Omaha. Buffett picks up the tab for lunch.
The UD students, mostly members of the stock-picking Blue Hen Investment Club, were the second group from Delaware to meet with Buffett, who is 75. A year ago, 30 students from Delaware State University traveled to Omaha, where they also had a chance to put questions to Buffett, whose investment holdings include such corporate icons as American Express and Coca-Cola. In addition, his Berkshire Hathaway firm holds a controlling interest in a wide range of businesses, from Dairy Queen to Fruit of the Loom to Geico Auto Insurance.
"He said the one ground rule was that he wouldn't talk about specific stocks he was buying and selling," said Stroback, 22, president of the student investment club, which is responsible for investing a portfolio of $1 million.
Buffett has to be guarded about what he says because, given his renown on Wall Street, even an off-hand remark could send a stock surging or tumbling.
The UD visit grew out of a meeting between Buffett and student Walter Reinfeld in Wilmington a year ago. Reinfeld, a finance and economics major, was doing a report on the investor and learned Buffett would be at the Hotel du Pont for Coca-Cola's annual meeting. Buffett didn't run for re-election to the board this year and was not in attendance at the company's annual meeting Wednesday.
At last year's meeting, Reinfeld approached Buffett and the two hit it off. Buffett playfully agreed to pose for a picture in which he's seen handing his wallet over to the student. Reinfeld, 21, said he asked Buffett to visit UD and speak with students. Following the initial meeting, Reinfeld said he stayed in contact with Buffett's office and continued to make his request for Buffett to visit the Newark campus. Buffett ultimately declined, but his assistant Bosanek offered to schedule a time when the UD students could come to Omaha.
After the Q&A session at Berkshire Hathaway's headquarters Friday, Buffett gave a ride to the steak house to four students, including Reinfeld. The billionaire drives a Lincoln Town Car with a vanity license plate reading "Thrifty," Reinfeld said.
Reinfeld said he came away impressed by Buffett's enduring enthusiasm for investing, a lifelong passion. Buffett is said to have read all of the books on investing in the Omaha library by the time he was 11.
James B. O'Neill, one of two UD professors who accompanied the students, said he's hoping other students will have the opportunity to visit Buffett.
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