Warren Buffett TripOmaha, Nebraska January 2018Letter from Smart Woman Securities NationalMeeting with Warren Buffett on January 12th was an honor and a privilege that SWS members will treasure for a lifetime! During the 2 ½ hour Q&A session, we intently listened to Mr. Buffett as he educated us on business, provided advice on rela-tionships and shared meaningful and humorous insights on life and success. He is often referred to as the “Sage of Omaha”, a title earned for being the world’s greatest investor. The definition of a sage is someone characterized by wisdom, prudence and good judgement and Mr. Buffett truly embodies each of these qualities. But the depth of his tremendousness goes far beyond his financial acumen. And because of his generosity with his time, we were able to see and hear for ourselves just how wonderful a person he is. His brilliance, humility, kindness and optimism were evident and inspiring.

Our rigorous preparation requirements included readings from The Intelligent Investor, The Making of an American Capital-ist, watching video interviews, dissecting the Annual Shareholder newsletter, and participating in weekly discussion groups. By thoroughly researching companies and studying biographies of the executives that we were meeting, it allowed the students to take full advantage of the opportunity of asking thoughtful questions beyond what anyone could easily access on the internet. All agreed that the preparation allowed them to derive the maximum benefit from the trip.

That afternoon was followed by an exclusive dinner at Mr. Buffett’s favorite steakhouse, Gorat’s with our members and SWS Co-founders, Tracy Britt Cool and Teresa Hsiao. They freely shared thoughts and answered questions ranging from their career paths, women in the corporate world, and career advice. We are grateful for their vision, guidance and leadership which created Smart Woman Securities. They have impacted thousands of young women by creating the structure for educating them on finance and investments through educational seminars, mentoring initiatives and meetings with great investors. We proudly continue this mission.

Additionally, we visited with businesses in the public, private and non-profit sectors including The Gallup Organization, Hardy’s Coffee, the Joslyn Art Museum and three Berkshire Hathaway owned companies including Nebraska Furniture Mart, Borsheims and Oriental Trading Company where we engaged in panel discussions, speaker presentations, and facility tours. The Business Executives Dinner was a great opportunity for students to engage with accomplished professionals in Omaha. We would like to thank all of our guests for sharing their knowledge and advice with our group as their interaction is something that our members always enjoy. Throughout the trip, members representing 15 chapters were getting to know each other, discussing their school experiences, sharing best practices and discussing how to implement ideas to take their chapters to higher levels. Please read on to learn more details from our participants about events from this year’s trip.

Again, we would like to extend our sincerest gratitude to Mr. Buffett for making this trip a reality. It is a tremendous honor to con-tinue to be invited back. It is so inspiring to see that Warren Buffett’s prosperity goes far beyond finances. He possesses abundant wealth with richness of life. As he continues to tap dance to his office, we will continue to applaud him as it is so well deserved.

With gratitude,

Darla JadeExecutive Director, Smart Woman Securities

THURSDAY, JANUARY 11, 2018Gallup, Inc.Christine Zhang, Harvard University Our first company visit on the Buffett Trip was to Gallup, a privately owned company that offers research and data analytics to help companies operate at peak efficiency. At Gallup, our first speaker Sara Vander Helm discussed our results from the Clif-ton StrengthsFinder test, a personality test that identified our top five strengths. My top strength was Learner while other girls had Achiever, Competition, Empathy, Input and more. No two girls had the same set of five but our strengths helped lead us to com-mon goals and values, just through different pathways. Accord-ing to Sara, companies with employees who follow their strengths exhibit a “7.8% increase in productivity and 8.9% increase in profitability”. Out of the 34 possible strengths in the Strengths-Finder test, Achiever is the most common and Discipline is least. The latter half of the Gallup visit consisted to two panels: the first comprised of researchers and the second of executives at Gal-lup. At the research panel, we learned that women like choices as workplace analytics manager Annamarie Mann reports that “77% of women with children consider working part-time or leaving the workplace.” We also discussed the evolving workplace culture as employees want coaches instead of bosses. According to Ms. Mann, “Millennials are empowered, not entitled” and more confi-dent in voicing their thoughts. Ellyn Bass, a research analyst, was working from home as her child’s daycare was cancelled due to the snowstorm. This demonstrated Gallup’s commitment to work-life balance and the flexibility to accommodate working mothers.

During the executive women’s panel, executive director Melissa Moreno discussed the benefits of Gallup existing as a private company including not having to worry about mak-ing the numbers each quarter and focusing on the best long-term decisions instead of short-term public perception. Jane Miller, the COO of Gallup, discussed how Gallup was the first company to ask, “do you have a best friend at work?” They dis-covered that employees with a best friend at work are more likely engaged and enthusiastic because they have a con-stant support system. Lastly, Ms. Miller concluded the panel by sharing her close partnership with CFO Jim Krieger and how the two form a strong partnership by complementing each other’s strengths. This was a nice recap of the lessons we took away: to cultivate our strengths and find partners.

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At the start of our visit with Gallup, we focused on ourselves, through thinking introspectively about the strengths of our personalities and talent, through taking the Clifton Strengths Assess-ment. Through this assessment, we learned our five greatest talents: talent can be defined as a naturally recurring pattern of thought that can be produc-tively applied. During the Gallup Clif-tonsStrengths Discovery, Sara Vander Helm helped us develop a mindset in which we removed the negative con-notations with talent. In academics and other ventures, it is frequently taught to work on weaknesses, rather than to fully develop our strengths. The Gal-lup Strength presentation taught us that differences are advantages, and the differences of others are also ad-vantages to us as finding business partners with different strengths will improve collaborative productivity. After the CliftonStrengths Discovery, there was a panel called “Bringing Re-search to Life and Life to Research”. Dur-

ing this panel, we talked to six women that worked at Gallup: Kristin Berry, Anna-marie Mann, Jane Miller, Melissa Moreno, Stephanie Plowman, and Ellyn Bass. They discussed a great company culture at Gal-lup, such as a low turnover rate, how their jobs give them mission and purpose, and that they feel valued for the work that they are providing. Women are the technol-ogy leaders at Gallup. Melissa Moreno, the Executive Director of Infrastructure and Cybersecurity, runs a team of all men, in a department that is quickly gaining more importance: a trend that will most likely continue in the future. She discussed that one of the biggest challenges of being a woman business leader is that she is in-vited to business events that are domi-nated by male pastimes, such as golfing. During this panel, we also discussed some of the recent reports published by Gallup, such as the Millennial Re-port. Empirical evidence from this study shows that Millennials have different expectations of the workplace: they crave development as an empowered

generation, do not wait for things to change, and delay the American Dream. Ultimately at our Gallup visit, we learned a great amount about ourselves and the other members of the trip, heard from a panel of inspirational women about the company culture at Gallup, and learned about Gallup research that will greatly affect our generation of women as we enter the workforce.

Jackie Crowley, Gettysburg College

Walking into the First National Bank Headquarters all of us were very excited. We eagerly jumped on the elevator and suddenly were on the fortieth floor in the executive board-room withan incredible view of the city. A few minutes lat-er, the CEO Clark D. Lauritzen walked in and welcomed us warmly. He first wanted to hear about Smart Woman Secu-rities as an organization, and also learn about each of the girls: where they studied and interned. He immediately con-nected with one of our members who studies at Harvard and

worked at Goldman Sachs, as that was what he did as well. After everyone introduced themselves he gave a brief his-tory. He kept it short explaining that the traditional busi-ness is in commercial lending and wealth management, but that a major component is the credit card business. March 2018marks one year since he took over as chief executive of-ficer. However, Mr. Lauritzen has grown up learning about the bank as he is the sixth generation Lauritzen running the bank. He admits that family communication, trust, and com-mitment are important and that family life and work are very intertwined. The family values are clearly a significant part of

what makes the bank so unique. First National Bank is known for its philanthropy and throughout our discussion it was very clear that the bank has helped several causes in Omaha.

Before giving all the girls a tour of the office, Mr. Laurtizen shared his advice for all of us as we prepare to transition to the real world. First he said, “You have to raise your hand.” In school if you work hard and do a good job you will get a good grade, but at work you need to have an informed opinion and share it in order to make yourself valuable. The second point he made is that we will be tempted to change careers a lot at an early age, but that it would be a good idea to stay at one place for a long period of time as one gains more experience seeing things from start to finish. The visit at First National Bank ended with Mr. Lauritzen providing the group with a historical background on the office. The rooms on the executive floor contain a lot of history about the bank and its founding fathers. However, it also contained a lot of historical artwork and objects about Nebraska. He also pointed out major elements of the city and helped us to get an even better understanding of Omaha and its culture.

First National BankLorem Basile, Fordham University

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And of course, seeing Warren Buf-fett was soul-changing. He was

THURSDAY, JANUARY 11, 2018Joslyn Art MuseumLeaf Ma, Bowdoin College

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Founded as a gift to the city of Omaha, the Joslyn Art Mu-seum started providing free access to the public in 2013 as it had done from its opening until the mid-1960s. The removal of entrance fees encourages everyone to enjoy the public museum in Omaha. In addition, museum de-signs and art works have made the museum more acces-sible to its visitors. For instance, Art Works is an interactive place for visitors to create their own art. This space defies the common perception of art museums being “no-touch-ing” spaces and distanced from visitors. Here you could use brushes, pens, videos to express yourself artistically. My personal favorite piece of artwork is Inside & Out by Dale Chihuly. The piece is a giant glass sculpture and is placed in front of open windows. What strikes me are the colorful and gorgeous glasses in different shapes. Our tour guide Renee remarked that this piece is especially beau-tiful at night when the light shines through the colorful glasses. The piece also embodies the idea of accessibil-ity of the Joslyn because it is placed in front of windows so that people from outside could appreciate the art as well.

The trip to Joslyn Museum was not only a fun explora-tion of Omaha but also a way for us learn about the city’s philanthropy, business, and culture. Unlike art museums such as MOMA, Joslyn is not crowded with visitors. Every-one has the opportunity to be close to art and enjoy art.

Erin North, New York University We could see the pink marble of the Joslyn from the heights of the 40th floor of the First National Bank. Built by a father and son team: John and Alan McDonald, with an extension added in 1994 by Norman Foster, we were able to take in a view of the

building that few were lucky enough to see. After walking the few, uphill blocks from the bank to the museum in below freezing temperatures, we spent a few minutes warming up in the The Wal-ter and Suzanne Scott Pavilion by Norman Foster. We were joined by a large Dale Chihuly blown glass piece hanging down the hall from us while we regained the warmth in our ears and feeling in our fingers. We would find out later (to our delight) that this

impressive piece was only one of two Chihuly’s held in the Joslyn. Once we had sufficiently warmed our extremities, we had the chance to talk about how the museum was run and financed, followed by a guided tour. We began by learning information about the founder, Sarah H. Joslyn. She was the widowed wife of George A. Joslyn, and before her husbands passing the cou-ple had given much to the community. After his death, Sarah decided to continue their generosity, and the Joslyn was born. We walked through the original concert hall foyer, then the Storz Fountain Court, which were both done in the Plains Art Deco style. We began looking at a wall of antiquities from Egypt and Greece, the oldest pieces in the museum, and then moved all the way through time to the Modern and Contem-porary art. On our trip we saw paintings by Titian, El Gre-co, Pollock, and even the original plaster cast of a Degas. We ended our tour, as a group, watching a digitized image of a tree shaking in the wind. We watched as the green leaves be-gan to fade to yellow, then orange as they fell to the ground. The bare limbs of the tree shook in the wind, and slowly the leaves began to grow again. This cycle began again and again, and would continue until the machinery storing and display-ing the art broke down. I imagine that we all sat contemplat-ing the time that was passing us by, and then began again ap-preciating the wonderful opportunities we have been given. From the below freezing walk to the inspiring beauty we were able to witness, I think we all left the Joslyn a little bit closer.

After our tour of the Joslyn Art Mu-seum, SWS wrapped up our first full day in town with dinner in the museum’s Omaha Steak Room. We were joined by three inspirational business leaders of Omaha: Adrienne Fay, the Director of Marketing and Philanthropy at Bor-sheims, David Brown, the President of the Omaha Chamber of Commerce, and Lyn Ziegenbein, the Executive Director Emerita of the Peter Kiewit Foundation. Having the opportunity to learn from all three Executives over dinner was in-sightful to say the least: each brought a dif-ferent perspective of the history, culture, and ethics that characterize Omaha. With Ms. Ziegenbein, for example, we covered issues ranging from our thoughts on the #MeToo Movement, to how to negotiate in the workplace as a woman, and even discussed the social stigma of women be-ing malicious to one another in the work-force. Uncovering these topics and sharing personal experiences around the table, we came to the conclusion that a culture of

inclusion and support among all women in the office helps everyone. “Women have to work 120%,” she emphasized. Ms. Fay engaged in a discussion with us about the duties and responsibilities of leading a philanthropy arm in a com-munity like Omaha. Calling it “a big small town,” Ms. Fay and her cheerful demeanor expanded on her unique role of work-ing in a town with such strong ties to philanthropy. In a city where most busi-ness leaders live across the street from one another, a giving mentality com-pletes the identity of businesses--and more importantly, people-- of Omaha. Finally, Mr. Brown shared his experi-ences of leading the 11th largest Cham-ber of Commerce in the nation. His open personality helped us think criti-cally about how to keep motivated early in our careers and strategically thinking ahead, and how to stay motivated after years in the industry. With a straightfor-wardness like that of Mr. Buffett’s, Mr. Brown brought up how one of his roles

at the Chamber is devising how Omaha is to become “a sticky city, and bring jobs and talent” to this region. He also mentioned that after years of working, “things get easier because you’ve done things before - so now you have room to think of creative solutions moving

forward.” All three leaders were highly engaged with all the SWS members, and were curious to hear our perspec-tives and stories. We will implement these lessons of being compassionate and acting with integrity in our respec-tive careers and in our personal lives.

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The dinner we had with business executives David Brown, Adrienne Fay, and Lyn Ziegenbein was extremely intimate and deeply rewarding. Surrounded by beautiful arts of the Joslyn Museum, we had the honor to enjoy dinner as we rotated and heard the executives’ insights. First, we sat down with Mr. Brown who headed the Chamber of Com-merce in Omaha. When asked about his background and various opportunities that ultimately led him to Omaha and this role, Mr. Brown noted “Life really has an element

of luck and serendipity” as he would not be in the position he is in had he not stumble upon an economic develop-ment class at Dartmouth. He shared with us his thoughts on how to attract younger working people to come to Omaha as Omaha really does have a vibrant business scene. Next we were able to sit down and hear from Mrs. Ziegen-bein on a variety of topics from why she came back and stayed in Omaha to advice she had for females in the work-place. One of the most interesting quotes from our conversa-tions with her is “We can all hear but that doesn’t mean we can all listen.” She advises us aspiring female business pro-fessionals to take the time to humbly listen and thoroughly think about others around us as sometimes others’ opinions are what allow us to achieve more. Last but not least, we lis-tened to Mrs. Fay, the marketing director of Borsheims.She shared stories of how she personally has worked with Mr. Buffett and truly how “hands-off” he is with his companies. It was very interesting to hear about the direction she wants Borsheims to take in terms of boosting e-commerce sales and targeting the Chinese and Spanish demographics. Need-less to say, hearing from Mrs. Fay on such an intimate level helped us prepare for our Borsheims tour the following day! Overall, I truly have to say it was an amazing opportunity to have them take the time and share with us their experiences, their communities in Omaha, and their hopes for the future.

Business Executives DinnerSara Park, University of California, Berkeley

Cindy Fan, University of Pennsylvania

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Full of energy to see Mr. Buffett and awakened by the cold Omaha weather, we began our visit to Berkshire Hathaway com-panies with Nebraska Furniture Mart. As the doors opened, we were greeted by a seemingly endless playground of couch-es, rugs, vases, mattresses, cushions - name any home item you can think of and you’re sure to find it at Nebraska Furniture Mart. The Mart was first founded in 1937 by Rose Blumkin, more commonly known as Mrs. B, in her husband’s pawn shop. Mrs. B was devoted to the business and her customers, work-ing in the store until she was 103. Nebraska Furniture Mart became a success due to its wide selection of furniture cou-pled with great prices. In 1983, Mr. Buffett purchased a major-ity share of Nebraska Furniture Mart in a handshake deal from Mrs. B, without audits or long contracts. Here, we begin to see common characteristics of many of Mr. Buffett’s investments - quick decision making based on the integrity of management, an easy to understand business model, and a competitive moat. Today, Nebraska Furniture Mart also operates in Des Moines, Kansas City, and Dallas. It still retains the same competitive advantage and focus it had 80 years ago: Huge store, huge selection, and great price. Of course, since it has grown so much, the store now offers an even wider selection than be-fore, with a wide range of items in each category from the basics to the best in order to cater to every customer base in a one-stop shop. Furthermore, the current store takes Mrs. B’s emphasis on customer experience to a new level. Not only are the sales members extremely knowledgeable about the products in the store, but the Mart also has a dedicated “Des-

tination Experience Team.” The Director described the Mart as a “Destination Store,” where families would drive many miles and make a special trip to the store as a family outing. There-fore, on weekends, the Mart has costume characters, food demonstrations, and various events that enhance the experi-ence for families and customers. Here is another character-istic that can be seen in Berkshire companies - the company manages to evolve with changing times and business envi-ronments all the while retaining its core founding values. This

is probably because Mr. Buffett tends to acquire companies that are already well-run, which allows them to withstand the test of time. When asked if there were benefits of being a Berkshire company, the Director of E-commerce responded that other than receiving a consultant and help with expan-sion, the Mart mostly enjoyed its independence in operations. I was sad to hear that Nebraska Furniture Mart

Nebraska Furniture Mart Irene Kao, Columbia University

Q&A with Warren Buffett Julia D’Arecca, Fordham University After visiting the Nebraska Furniture Mart, our group finally got to experience the moment we had all been waiting for: Q&A and lunch with Warren Buffett. We eagerly arrived at 10AM and for the next two hours listened carefully to Mr. Buffett answer questions about both his personal and professional lives. He ad-dressed everything from working with his business partner and close friend Charlie Munger to insuring natural disasters and cy-bersecurity and investing in real estate. Smart Woman Securities was the seventh group on the list to ask questions and the ques-tion we brought forward was “We read that you have been look-ing to invest in more women run companies and to add more women onto your board...Have you noticed any correlations be-tween the addition of more women in higher level positions and the productivity or success of the company in any aspect? And what advice do you have for young women to more rapidly and successfully enter this still male dominated field of finance? ” Mr. Buffett responded with “interesting question” before thoughtful-ly proceeding to speak about the topic. He highlighted that he is “bullish” when it comes to women’s advancement and success in the workplace. He spoke about how the country only used half its

talent, but now it is “moving towards using 100% of the talent” by including women in the workforce. Mr. Buffett touched on the fact that women in finance seem to advance at a slower pace than other career tracks such as medicine and law. He showed an empathetic side when he said “if I were born female I would want to go into finance” citing the opportunities that exist in the field for all genders. He continued to share his advice which is to keep audited record of personal success. He said “if you are able to make money for people then they will not care [which gender you are]”, emphasizing the importance of keeping a record to prove personal success. He closed off the question by admitting that sometimes men, even himself, “think they try to cover the whole field, but may not be” when referring to selecting candi-dates for higher level positions. He discussed an example where he and his first wife, Susie Buffett, were on the beach and he was looking to fill a position and overlooked her. She pointed out that she would definitely be interested in the position and from there became involved as a director of the company! Overall, the War-ren Buffett Q&A and lunch in Omaha was definitely a once in a lifetime experience that everyone will cherish for years to come.

Opening up the 2 hour Q&A session with a joke, Mr. Buffett put a smile on the faces of the 11 organizations that traveled all over the world to hear him speak. After inviting everyone in the room to his Annual Shareholder Meeting in May, Mr. Buffett began an-swering questions and sharing stories about his personal and investing expe-riences. He spoke about many topics ranging from his distrust of cryptocur-rency to the benefits of philanthropy. When asked about his appointment of Gregory Abel and Ajit Jain to Berkshire Hathaway’s board as vice chairs, Mr. Buf-fett explained that the two men were good managers and superb human

beings who never raised any questions about money or stock options after their appointment. According to Mr. Buffett, the two men “measured their success in life by what they’re doing for Berk-shire, not by what Berkshire is doing for them.” He then went on to emphasize the importance of doing what you are passionate about. Mr. Buffett explained that a lot of people love money. How-ever, he highlighted that the best lead-ers are not those who love the mon-ey, but those who love the business. Mr. Buffett also opened up about his relationship with lifetime friend, Charlie Munger. After stating his admiration, Mr. Buffett advised his audience to “hang out

with people better than yourself,” as he believes we are shaped by our friends. To help put this idea in perspective, he asked us to think of a member of our class who we would like to “invest in and receive a percentage of his or her earnings.” He then asked us to think of someone who we would like to “short.” The purpose of his thought exercise was to have us think about the good habits of those we would invest in and the bad habits of those we would short. Mr. Buffett wants us to remember those traits, so that we can become better people through the individuals we choose to surround ourselves with. In the end, he stated that Mr. Munger never exhibited self-pity or envy, which are qualities that he

We were joined by about ten other teams at Nebraska Furni-ture Mart, and after a detailed tour of the space, we headed to-wards the Hilton for a two-hour Q&A session with Warren Buffett himself. On our way there, we stopped by Buffett’s residence in Omaha and had a peak of his modest house from the outside. Soon after everyone was settled down, Mr. Buffett ap-peared and started sharing his experiences and opinions. One of SWS’s members asked a question about women in finance, and Mr. Buffett drew on a comparison between the choices available to him and his sisters when they were young, lamenting the fact that half of human poten-tial was restrained because of the limited opportunities for women back in the day. However, he also encouraged women in the room who were passionate about finance and investing, and pointed out the importance of estab-

lishing an investment record to prove one’s capabilities. Another few questions surrounded current industry trends and their impact on an investor’s global outlook. Mr. Buffett was unimpressed by the recent frenzy over cryptocurrency, and reiterated his thoughts on the value of two types of as-sets, namely, assets such as farms that allow productions, and assets for people’s enjoyment. For investors, the latter type could only create value when someone else is willing to buy it. Mr. Buffett also commented on the human relations aspect of his work, as well as recent updates on leadership appointment in Berk-shire. He shared his fond memories with Charlie Munger, his long-time business partner, as well as the reasons behind his decision to appoint Gregory Abel and Ajit Jain as vice chairman for nonin-surance businesses and insurance operations, respectively. These business relations were tightly intertwined with his belief in people

FRIDAY, JANUARY 12, 2018 7Q&A with Warren Buffett Jenna Florendo, Fordham University

Jules Qiu, Harvard University

From left to right: Back row: Darla Jade, Leaf Ma, YingYu Ren, Solina Powell, Erin North, Julia D’Arecca, Jackie Crowley, Christine Zhang, Jules Qiu, Izabela Litwin, Claudia Greenspan, Caitlin Sullivan, Cindy Fan, Irene Kao Front row: Aimee Xu, Lily Li, Jenna Florendo, Warren Buffett, Sara Park, Jennifer Dunn, Lorem Basile

Our visit to Borsheims was one of my favorite parts of the Omaha trip. Having the chance to visit a successful, Berkshire Hathaway-owned business gave me perspective on how much success and pros-perity that ownership by Warren Buffett can truly bring to a business. When we first entered the Borsheims store on Friday morning, it was a lot to take in. The sprawling first floor features rows of en-gagement rings, watches, earrings, and other pieces from designers around the world. The whole floor was set up like a showroom, and several sales assistants were happy to show us the amazing jewels on display. Our speaker at Borsheims, Adrienne Fey, was no stranger to us—she was at the Business Executives Dinner on Thursday night! Ms.Fay has been an executive with Borsheims for 15 years. During that time, she has helped to grow Borsheims business-to-business, marketing, and philanthropy effort. She told us all about Borsheims history, which is steeped in Omaha tradition. Borsheims prides itself on the “three legged stool” that makes it a unique jeweler: huge inven-tory, special discounts (known as the “Borsheims price”), and expert sales associates. Today, Borsheims has a thriving e-commerce business, holds 1,365 pieces of jewelry in store, and finds 46% of their customer base outside of Nebraska. After Ms.Fay’s speech, I decided to ask her a few questions

one-on-one. Ms. Fay told me all about Borsheims growing customizable jewelry business, which I found fascinating. We even discussed how bull and bear markets affect the fine jew-elry industry. Meanwhile, the rest of the group was delighting in trying on the best that Borsheims even had to offer. One girl even tried on a pair of earrings worth nearly half a million dollars! As our trip to Borsheims came to a close, none of us wanted to leave. I truly believe that Borsheims was a high-light of the trip for all the attendees, and that our experi-ence there left a lasting impression on us. And who knows?

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The moment we stepped into the La Vista Fulfillment Center of Berkshire-owned Oriental Trading Co., excitement was on the rise as we were greeted with Warren Buffett and Charlie Munger rubber ducks. Remembering that I would flip through the colorful pages of Oriental Trading Co.’s catalog as a kid, I felt as if I were transported back to my childhood. Moreover, having earlier been inspired by Mr. Buffett’s words, it was clear to see that Oriental Trading Co. fostered a strong, indepen-dent brand identity while being grateful for the leadership

and sense of community spread by its parent organization. As SWS was one of the first groups to arrive, I had the plea-sure of speaking with Oriental Trading’s CEO, Steve Mendlik, as we waited for other groups to join us. As I had studied abroad in Shanghai, China last semester I was interested to hear that he would soon be flying out there to meet with other members of the Oriental Trading Co. team based abroad. We discussed the issue of rising labor costs in China and how this directly affects Oriental Trading’s costs given that they import about 90% of

their merchandise from producers in Asia, primarily in China, but also from Vietnam, Indonesia and India. This conversation eventually shifted into a broader discussion about the state of e-commerce and the steep competition posed by Amazon. Spe-cifically, as e-commerce companies must have contracts with shipping providers, the rising volumes and speed with which Amazon can deliver their products to consumers has strength-ened their relationship with shipping companies, conversely making it more competitive for brands such as Oriental Trad-ing Co. to negotiate economically advantageous contracts. Nev-ertheless, as Mr. Mendlik described in a presentation about the company’s history, Oriental Trading is optimistic about their future, setting goals to increase sales via drop shipping meth-ods of product distribution, optimizing their email marketing campaigns and creating a differentiated customized experience for their consumers through the creation of subsidiary brands. After the presentation, we were fortunate to take a tour of the incredibly expansive yet organized La Vista Warehouse, that boasts that it could hold 12 simultaneous football games given its size. It was an eye-opening experience to witness the orchestra-tion of the picking, sorting, packing and shipping process that Oriental Trading goes through on a daily basis. An industrial jun-gle, the facility consisted of seemingly endless rows of methodi-cally organized products that were seamlessly transferred from conveyor belts to sorting bins to efficiently sized cardboard boxes ready to be shipped. In observing both the corporate and factory components of the organization, this opportunity truly put into perspective the incredible detail that goes into Oriental Trading

Borsheims Claudia Greenspan, Cornell University

Oriental Trading Company Solina Powell, Brown University

FRIDAY, JANUARY 12, 2018

In the evening following our Q&A with Mr. Buffett and Berkshire Hathaway portfolio company visits, we settled into Gorat’s for a signature Omaha dinner. Between Cherry Cokes and juicy steaks, we chatted amongst ourselves about our differing chapter initiatives, until Tracy Britt Cool and Teresa Hsiao arrived. Tracy and Teresa detailed their back-grounds, having both spent a summer in college with Lehman Brothers. After founding Smart Woman Securities at Har-vard College, neither returned to Lehman Brothers following their penultimate year—Tracy continued directly to Harvard Busi-ness School, joining Berkshire Hathaway shortly thereafter, and Teresa left for Los Angeles to pursue a career in screenwriting. Both women proudly discussed how they followed their passions. Tracy emphasized the importance of speaking up and taking initiative, having received an opportunity with Berkshire Hathaway only after writ-ing a letter to Mr. Buffett himself. Teresa emphasized the importance of taking time to find your own path, having pivoted from investment banking to corporate fi-nance, and ultimately, to screenwriting. It

was immensely inspiring to hear from both women, successful in their disparate fields, encouraging us to pursue our passions. Tracy and Teresa also touched upon the issues we face as women today. With grow-ing movements in both the entertainment and business spheres around sexual ha-rassment and women’s rights in the work-

place, Tracy and Teresa encouraged us to speak up when facing difficult situations and to deliberately seek positive work en-vironments where women are respected. Both women taught us, as aspiring young professionals, to pursue our passions without reservation and to take initiative as young women entering the workforce.

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What’s better than a steakhouse in Omaha? A steakhouse that Warren Buf-fett frequents. On Friday night, we had the opportunity to experience not only Omaha’s famous steak, but also en-gage in a fascinating discussion with SWS founders Tracy Britt Cool and Te-resa Hsiao following our delicious meal. Tracy and Teresa, both Harvard alums, solidified their friendship and ideated about SWS while working together for Lehman Brothers during a summer in-ternship in 2006. This internship proved to be pivotal for both women, who have both achieved tremendous suc-cess in their respective careers. For Tra-cy, her interest in finance and business was reaffirmed through the internship, leading her to pursue an MBA from HBS immediately upon graduation. Af-ter reading much about the ‘Oracle of Omaha,’ she was able to connect with

Mr. Buffett and secure a role at Berkshire Hathaway, where she worked closely with him for five years, until eventually taking over the role of CEO of a distressed Berkshire-owned company by the name of Pampered Chef. Through monumental organi-zational changes and her thoughtful leadership, the company has seen sig-nificant improvements. Tracy also sits on the boards of various companies including Kraft Heinz. Teresa, on the other hand, realized that she preferred a more creative environment, leading her to pursue a career in entertainment. Starting out as a writer for a Canadian kids TV show, she has since earned cov-eted positions writing for Family Guy and American Dad. She is now working on a news show airing next year, while developing her own projects and pilots. Perhaps the most significant take-

away from this Q&A session was both Tracy and Teresa’s commitment to fol-low their passions with confidence and vigor. Both have faced challenges in life, from Tracy working long hours on the farm as a child, to Teresa facing pressure from her immigrant parents to succeed in America. However, their steadfast willingness to advocate for themselves and pursue what makes them happy is something that I think all SWS members should strive for.

Dinner with SWS Co-Founders Aimee Xu, University of Southern California

Caitlin Sullivan, Boston University

On Saturday morning, SWS members visited the downtown loca-tion of Hardy Coffee Co., a local coffee company which is owned and run by Autumn Pruitt and her husband, Luke. The owners started the business eight years ago and transformed it from a small coffee shop to a firm which now roasts and sells its own coffee in three different locations in Omaha. During our visit, Autumn kind-ly gave us an overview of the business and a glimpse of the friend-ly culture that keeps customers coming back time and time again.

During the visit, SWS delegates gathered around two tables and listened to Autumn describing the history and substan-tial development of Hardy Coffee Co. We learned about Oma-ha fuelling the growth of her firm, operational planning that made her business successful and some competitive advan-tages Hardy Coffee Co. has. In particular, we found it interest-ing that Hardy Coffee Co. owns all parts of the supply chain, therefore can customize the product and cater to all tastes.

Apart from learning about the accomplishments of Har-dy Coffee Co., we examined some of the challenges that a small coffee business goes through while increasing its num-ber of employees from one to forty in a relatively short peri-od of time. Specifically, it takes a significant amount of effort and commitment to stay in business and follow the industry changes, especially when customers often look for renown coffeehouse chains rather than independent coffee stores.

As a whole, this visit proved to be an incredible opportuni-ty to learn from Hardy Coffee Co., a great example of a small and successful business. Our group was impressed by the company’s remarkable transformation and significant poten-tial for expansion. We are very grateful to Autumn for provid-ing valuable insights into the coffee business and helping us understand the importance of small family firms in Omaha.

SATURDAY, JANUARY 13, 2018 10Hardy Coffee Izabele Litwin, Carnegie Mellon University

During the adventure filled weekend, we experienced the quaint, close-knit community that is Omaha. We saw the gigantic impact that Mr. Buffett has created within the city that seems to be on a first name basis with Warren. His generous and humble personality has fostered an environ-ment of philanthropy within the city. Through the teach-ings of Mr. Buffett, local business, gigantic private corpora-tions, and non-profits have all embraced ethical policies for their companies. Additionally, all of these companies are focused on driving process long-term as lead by Mr. Buffett’s example. First National Bank President and Chair-man Clark Lauritzen mentioned that he had a made a cur-rent decision that will reduce the bottom line this year in order to increase progress through the future years. He

views the longevity of the bank as a more essential priority than impressing the board during his first year as President. One of the most important insights of this experience was the ability to create success from dreams. Mr. Buffett noted that “it is so important to find out what turns you on in life.” Mr. Buffett achieved his childhood goal of becoming a mil-lionaire through his hard work, humble personality, and self-less heart within a field typically associated with greed. He has demonstrated how his success lead an entire community to greatness. And we, a collective group of strong and intel-ligent young women, have been inspired by the way that the legendary investor, Warren Buffett, used his skills to positively impact the world with his talent. It is our duty now to find “what turns us on in life” with the same determination, ethics, and humility that Mr. Buffett and the city of Omaha have exhibited.

REFLECTIONS 11Jennifer Dunn, Fordham University

My experience on this trip has been nothing but amazing. Before heading to Omaha, my sole expectation was just to see Warren Buffett. However, the moment I landed there, the city completely overthrew me. This place exerted a strong sense of business cul-ture: diverse styles of restaurants, emerging coffee houses, thriv-ing local businesses and enormous skyscrapers. I was more than excited to explore the culture and companies surrounding me.

Our corporate visits were eye-opening. Gallup provided us with valuable insights with the great potential of devel-oping strengths; First National Bank offered us great advice on professional life and career trajectory; Nebraska Furniture Mart showed us their advantageous scale and price point; Borsheims demonstrated its competitive strategy to pro-vide consistent discounts and bring tremendous volume; Oriental Trading Company opened our eyes with seam-less warehouse logistics. These companies were outstand-ing in its own way and I felt fortunate to learn about them. What I noticed in every company that we visited was how proud every employee was to work there. Everyone was so excited to share their love of Omaha to us. I was struck by their love and desire to make this city a better place. And of course, seeing Warren Buffett was soul-changing. He was humble and sincere. I was deeply surprised by how personable he was to every person at the event. He dem-onstrated a graceful simplicity in his values, lifestyle and investment approach that makes me admire him deeply. I truly appreciate the opportunity to meet 19 awesome women and learn from them. I cherish the time that we spent together and truly grateful for this well-planned trip to explore and learn.

Lily Li, University of Virginia

ACKNOWLEDGEMENTS 12

WE EXTEND OUR SINCERE GRATITUDE AND APPRECIATION TO OUR PLATINUM SPONSOR,

100 WOMEN IN FINANCE

FOR THEIR SUPPORT AND ENCOURAGEMENT!