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This Is How You Get the Best Seat at Warren Buffett’s Annual Gabfest

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This Is How You Get the Best Seat at Warren Buffett’s Annual Gabfest

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This copy is for your personal, non-commercial use only. Distribution and use of
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https://www.wsj.com/articles/scoring-a-prime-seat-at-buffetts-big-party-requires-tactical-innovation-1493914001

 * A-hed


THIS IS HOW YOU GET THE BEST SEAT AT WARREN BUFFETT’S ANNUAL GABFEST


DIE-HARD FANS EMPLOY ELABORATE STRATEGIES, FROM MEMORIZING FLOOR PLANS TO
SPRINTING UP STAIRCASES, TO SECURE GOOD VIEWS OF COMPANY’S ANNUAL EXTRAVAGANZA;
THE COUNCIL BLUFFS GAMBIT

By Nicole Friedman

Updated May 4, 2017 7:46 pm ET
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Warren Buffett competing in a contest in the exhibit hall at the Berkshire
Hathaway shareholders meeting in 2016. Photo: Ryan Henriksen/Reuters

Justin O’Kane has perhaps the most elaborate plan in the world to watch Warren
Buffett munch on peanut brittle, answer shareholder questions and share life
lessons.

Warren Buffett

Mr. O’Kane, 49 years old, first flies from Melbourne, Australia, to Los Angeles
and then to Omaha, Neb., a trip of about 20 hours.


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Instead of staying at an Omaha hotel, the Australian investment manager stays in
Council Bluffs, Iowa. The Council Bluffs gambit, he says, saves him time because
it is closer to the CenturyLink Center—where Mr. Buffett’s Berkshire Hathaway
Inc. holds its annual meetings.

On Saturday, he’s up by 3 a.m. and arrives at the convention center by 4 a.m. to
secure a good spot in line. He uses an entrance for upstairs seating that, he
says, saves him about 20 seconds. He positions himself near a middle door
because, he says, the outer ones sometimes don’t open right away.

Justin O'Kane, from Melbourne, Australia, poses with a cutout of Warren Buffett
at a Berkshire Hathaway annual meeting. Photo: Victor Velkov

When the arena opens at 7 a.m., he dashes down a flight of stairs, across the
arena, up another set of stairs and past the front two rows to his favorite
seats—all while songs such as Pink Floyd’s “Money” blare through the sound
system.

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“If anybody does it better than us, I’d like to see it,” said Mr. O’Kane, who
has attended the meeting seven times and has spent years refining his tactics
with Victor Velkov, a friend from Brisbane, Australia.

It’s no secret that Berkshire shareholders and fans of the company’s chairman,
Mr. Buffett, line up for hours to get into CenturyLink’s main arena for the
annual gathering—which takes place this weekend. The company expects more than
40,000 to attend, although just 18,000 get seats inside the arena. Less intrepid
fans will watch the show from the rafters or in overflow rooms.

Lesser known, however, is a special class of Berkshire acolytes whose efforts to
secure prime seats might best be described as “extreme Buffetteering.”

Preston Pysh of Bel Air, Md., is getting his own plan ready. Being in line early
is a “badge of honor” among Berkshire devotees, he said.

Shareholders take their seats prior to the Berkshire annual meeting in 2015.
Photo: Daniel Acker/Bloomberg News

Mr. Pysh is co-host of the Investors Podcast, a show about stock investing.
Recently he sent detailed instructions to listeners who plan to attend the
annual meeting, complete with a map showing where to gather at 4:50 a.m. on
Saturday, to beat the 5 a.m. crowd.

“Walk (run) right until you get to a set of stairs,” the manual says. “Go up the
stairs.” He insists that even with those directions, the group’s preferred seats
are in a secret location.

“It’s physically taxing to get to that area,” he said, so attendees who aren’t
part of his group are unlikely to find the spot. “It’s 100% legitimate, but it’s
not a way somebody would want to go.”

This chaotic sprint, which some have dubbed the “billionaires’ dash,” shows no
signs of fading—even if arena security isn’t happy about it. “We do not allow
running for safety reasons,” a spokeswoman for the CenturyLink Center said. “We
keep a close eye on venue entry...As people enter, our staff is there to kindly
remind people of this rule.”

Commemorative items for sale at Berkshire’s annual meeting in 2016. Photo: Ryan
Henriksen/REUTERS

In the 1970s, Berkshire annual meetings were held in a lunchroom at the offices
of one of Berkshire’s insurance subsidiaries. As Mr. Buffett’s profile has
grown, so have the meetings. A $1,000 investment in Berkshire in 1965, when Mr.
Buffett took control of the company, would be worth more than $13 million today.
Meeting attendees get to watch an hour-long movie about Berkshire starring Mr.
Buffett and various celebrities, which isn’t available online. Past videos have
featured boxer Floyd Mayweather Jr., actress Susan Lucci, and the casts of “The
Office” and “Desperate Housewives.”

Even people who don’t care much about Mr. Buffett find good reasons to pay
attention on Berkshire weekend. Adam Messerole of Omaha was serving tables at
the nearby Old Mattress Factory Bar & Grill the night before the 2015 annual
meeting when a customer made an unusual proposal: he offered Mr. Messerole and a
friend $300 to hold a spot in line. The pair got to the convention center at 9
p.m., saw no one in line and headed to a local bar. They got back in line around
2 a.m. with sleeping bags and snacks. “We didn’t really have to do anything at
all,” Mr. Messerole said.

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At one point, another person in line offered Mr. Messerole and his friend extra
tickets to attend the meeting, but they declined the invitation and went home to
sleep.

While Mr. Messerole doesn’t plan to go back this year, he said he did make
another score at the meeting. Many dashers bring gear with them, like folding
chairs or sleeping bags, but abandon them outside to avoid getting held up by
security. Mr. Messerole still uses a chair one of them left behind.

Of course, shareholders could get a good look at Mr. Buffett by staying home.
Berkshire started live-streaming its annual meeting on Yahoo Finance in 2016.
People who stand outside for hours in the dark say they do it to pay their
respects to a company they admire and to mingle with like-minded investors.
“It’s amazing to me that when the weather’s lousy, they do it,” Mr. Buffett said
in an interview. But “they come in a good mood, and even if they have an
inconvenience, they seem to stay in a good mood.”

Advertisement - Scroll to Continue



A year ago, some dashers’ plans were thwarted when the arena opened its doors
ahead of schedule to help the early-morning crowd get out of the rain. Berkshire
also beefed up security screenings.


Mr. Buffett, left, and Bill Gates, co-founder of Microsoft Corp., in 2016.
Photo: Daniel Acker/Bloomberg News

With this year’s festivities expected to once again bring in thousands,
entrepreneurs have stepped into the line-sitting business. InLine4You LLC, an
Omaha-based service, says it has more than 40 reservations for sitters, who will
show up at a requested time and stand in line on behalf of a meeting attendee,
up from five last year. The service costs $110, including $50 for InLine4You and
$60 for the line sitter, said company founder Darren Hromadka.

Paying someone to stand in line is “probably what I would do,” Mr. Buffett said.

When asked why he goes to all that trouble to get upper-level seats, Mr. O’Kane,
the Australian investment manager, explained that he prefers them to seats on
the arena floor because they put attendees “eye to eye” with Mr. Buffett, and
Charles Munger, Berkshire’s vice chairman. “If we’re going to come all this way,
we want to see their faces.”

Erik Holm contributed to this article.



Write to Nicole Friedman at nicole.friedman@wsj.com

Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved.
87990cbe856818d5eddac44c7b1cdeb8

Appeared in the May 5, 2017, print edition as 'Want Good Seats at Berkshire’s
Meeting? Get Creative'.

Show Conversation (27)


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