OMAHA (KPTM)- It's a 7:00 a.m. conference call of sorts that plenty of Berkshire Hathaway shareholders aren't going to miss this year. "Everybody's interested in trying to find out when we can come out of this recession," says shareholder Bill Crawford. He is one of 35,000 expected to file in and listen at the company's annual meeting at the Qwest Center.
The Wilcox family came all the way from Minnesota. Mom Missy is planning on getting that shareholder discount. "We just got a new house so we're going to get some furniture and use that discounts for these," she says. Her husband Brad hopes to pick up a few investing tips. "It's always great to get advice form somebody like him that's been so successful over the years," says Brad Wilcox.
He is referring to company chairman Warren Buffett, who along with longtime partner Charlie Munger, have made the Saturday five-hour long question and answer session a staple of the annual meeting.
With a sluggish economy, the chance to get talk with Buffett and Munger is something future investors like John Leer like to see. "It was interesting to hear his views on the housing crisis and how we all got into this," says the Creighton University finance student.
The advice is practice, and he says it's something he probably wouldn't learn in the classroom. "Being in college and they teach us all these models for valuating companies, and Warren basically says I don't use any of that," says Leer.
During the meeting, Buffett finally shed some light on who might succeed him as Berkshire's CEO. He said the company is taking a look at three internal managers but wouldn't name any one candidate specifically.