The billionaire financier spoke to a packed house about his life and career. With Coca-Cola in hand yesterday, renowned financier Warren Buffett gave more than just a taste of the real thing. For almost two hours in the Zellerbach Auditorium, Buffett took student questions and shared the insights, experience and philosophy that have made him the world's most famous investor and the second-richest man in America. The speech -- co-sponsored by the Wharton School undergraduate program's Musser-Schoemaker Leadership Lecture Series and the graduate division's Zweig Executive Dinner Series -- marked the first time that Buffett returned to campus since he dropped out of Wharton as a sophomore in 1949. With lines extending all afternoon from the Annenberg Center up Locust Walk to the 38th Street footbridge, nearly 1,000 members of the University community managed to procure tickets for the long-awaited event, with organizers saying they turned away around 750 ticket-seekers. After a brief statement, Buffett opened the question-and-answer session by describing his successful investment techniques, noting that he evaluates a company to make sure it has sound fundamental economics, good management and is within his "circle of competence" before investing in it. "I don't invest in stocks. I invest in businesses that I understand," said Buffett, whose Berkshire Hathaway Inc. financial holding company owns large stakes in familiar corporations such as Coca-Cola Co., Gillette, GEICO, The Walt Disney Co. and The Washington Post Co. But for the same reason, Buffett said he stays away from the oft-hyped Internet stocks, precisely because he doesn't understand the computer business. "I don't care if 10,000 people at a cocktail party are making money with Internet stocks," he said. "I can't value them." And while he refused to offer single stock picks to a money-hungry crowd, Buffett said there are plenty of opportunities out there for small investors who do their homework. But Buffett's advice wasn't only limited to the stock market. He offered tips from his own life as well. "It is crazy to do things for [your] resume so by the time you are 100, you have the job of your life," he said. "I've always enjoyed what I was doing. I would have as much fun now with $10,000 as I did back then." And the business tycoon even injected some humor into the excited crowd, offering jokes that prompted roars of laughter. "I can tell you one quality to look for in a spouse that will allow all your marriage to last," he deadpanned. "Low expectations." Everyone in attendance gave Buffett's appearance rave reviews, saying they were thrilled that the usually private Buffett came out to make a public appearance. "You can read about him in the paper and see him on TV, but to hear him live and interact with him is a once in a lifetime chance," said Wharton junior Bryan Iammartino. The event's organizers said they were amazed by the lines that formed on Locust Walk yesterday afternoon, drawing what appeared to be an anxious crowd whose participants waited in line for more than four hours. Yet they maintained that they weren't surprised that a Buffett appearance would attract the masses because of his phenomenal success. Indeed, few University-sponsored events have drawn such a concentrated crowd over the past several years, leading some in the line to believe that it takes a school like Wharton to make an event happen. "I've been at Penn 36 years and I'm amazed at the turnout. You wouldn't find it in other undergraduate programs or specialty areas," said William Bora, a hand surgeon from the Hospital of the University of Pennsylvania who headed to the event early in the afternoon. And other Whartonites in the line were quick to point out their allegiance to the school. "If you're not in Wharton, raise your hand and get out of line," one student shouted. And while the "Oracle of Omaha" said that he looks forward to the future, Buffett made it clear that he would not be the business school's next dean. "I make $100,000 as the chief executive officer of Berkshire Hathaway," he said. "If you paid me $100 million, I still wouldn't do it. For those who were unable to attend yesterday's event, organizers said that a video of Buffett's speech would be available in the Wharton Computing and Information Technology Center in Steinberg-Dietrich Hall for one week, beginning tomorrow. In addition, a Webcast will be put on the Wharton Intranet, which can only be accessed by Wharton faculty and students.
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