Warren Buffett

The College of Business Administration, through Professor Al Auxier, first established a relationship with legendary investor Warren Buffett in 1999, when 25 students and Auxier flew to Omaha for a two-and-a-half hour visit with Buffett in what would become an annual opportunity for students. When the 2003 group visited him, they gave him a copy of the newly published autobiography of Jim Clayton, of Clayton Homes, a UT graduate. The book, and subsequently putting Clayton Homes in touch with Buffett directly, led to the $1.7 billion purchase of Clayton Homes by Buffett’s company, Berkshire Hathaway. The 2003 annual report of Berkshire Hathaway included reference to his thank-you visit to the campus on October 14, 2003: “In October, we had a surprise ‘graduation’ ceremony in Knoxville for the 40 who sparked my interest in Clayton. I donned a mortarboard and presented each student with both a PhD (for phenomenal, hard-working dealmaker) from Berkshire and a B share. Al got an A share. If you meet some of the new Tennessee shareholders at our annual meeting, give them your thanks. And ask them if they’ve read any good books lately.”