Warren Buffett’s Woodstock for Capitalists

This weekend some 30,000 pilgrims will descend on the Qwest Center in Omaha, Nebraska for some peace, love, and dividends, as the world’s richest man, Warren Buffett, and his investment firm, Berkshire Hathaway, hold the company’s annual shareholder meeting, which he has dubbed a “Woodstock for Capitalists”.

As bearers of the most expensive publicly traded stock on the planet (a single share of Berkshire Hathaway trades at around $133,000), shareholders should already be happy enough, but Buffett makes sure a good time will be had by all. The weekend kicks off with a star-studded movie spoof, followed by a six-hour Q&A session with the man himself and business partner Charlie Munger. Then the fun really begins. A blindfolded chess master will “take on all comers” — six at a time — and contract bridge experts will be on hand to play a round or several. (Buffett has been known to bid on tricks with the likes of Bill Gates at the annual meeting.) One of Berkshire’s longest-held companies, Nebraska Furniture Mart, which moves some $30 million of merchandise (including “The Warren” mattress) during Berkshire’s annual meeting weekend, is having a “Baja Beach Bash”. Buffett will no doubt whip out his ukulele and break into song at some point of the weekend.

But, as always, it’s about the money. Besides the festivities at the furniture mart, Berkshire Hathaway companies Clayton Homes, Forest River, Fruit of the Loom, Dairy Queen, and more will display their wares, ready for sale, at the Qwest Center. Over at the Omaha airport, NetJets will have some of its fleet available in case some shareholder decides to save money on gas for the return trip home by buying a plane instead. GEICO is offering special discounts on auto insurance to Berkshire shareholders. I get the feeling that costumed cavemen and gecko characters will be in attendance as well.

Fun and games aside, Buffett has also been in the news this week doing what he does best: making deals. He is in on the massive Mars/Wrigley merger, which will net Berkshire more than 10% of Wrigley. Lesser known was the move made by American Express at its own annual meeting, allowing shareholders to approve a merger or sale with a majority vote. Berkshire owns some 13% of the travel and credit card company, leading to speculation that Buffet may be priming for a takeover of the venerable firm.