The Omaha World-Herald recently published an excerpt from “The Warren Buffett Shareholder: Stories From Inside the Berkshire Hathaway Annual Meeting,” an account by Georgetown University Finance Professor Prem Jain of lessons learned from attending the annual Omaha events:

• “The first important hint came to me when an MBA student asked Mr. Buffett’s advice on the type of job to pursue after graduation. Buffett’s suggestion was to pursue one’s passion, not referencing any specific job.”
• Jain recounts an observation by a psychiatrist friend regarding Buffett’s approach, pointing out that “Mr. Buffett did not seem to be perturbed by emotions like other market participants,” adding that Buffett was similar to a Buddhist in his demeanor.
• At the Berkshire annual meetings, Jain points out, Buffett and Munger speak frequently about the admiration they have for their managers. “Rarely, if at all, did they outline expected future cash flows, which professors consider to be the cornerstone of valuation.”
• Jain concludes that Buffett invests in “exemplary managers, not thinking of companies separately from management. He allocates capital to people, not just to companies.”