Three MU business students got the chance to meet the Oracle of Omaha, world-renowned investor Warren Buffett, earlier this month.

Senior finance students David Kram, Ashley Taube and Michael Alexander are enrolled in “Investing Strategies of Warren Buffett,” a class devoted to the investing practices and philosophies of the world’s second richest man.

The three traveled with a group of about 20 MU students to Buffett’s financial headquarters at his holding company Berkshire Hathaway in Omaha, Neb. on Oct. 9.

MU, along with five other business schools, was allotted three questions to ask Buffett in a two-hour question and answer session. MU business students wrote down questions and then chose the best three to ask Buffett.

Buffett calmly walked to the center of the stage, popped open a bottle of his favorite carbonated beverage, cherry cola, and began answering students’ questions.

The students said Buffett emphasized keeping a good reputation, investing wisely and using economic downturns to investors’ advantage.

“He basically takes a very complicated situation and puts it in layman’s terms,” Kram said.

Buffett made his first investment in pinball machines in stores. From his pinball machines to his conglomerate subsidiaries, he has amassed a wealth formidable to the richest man in the world, Bill Gates. Buffett sometimes even swaps places with Gates on the Forbes 400 rankings.

Taube first met Buffett in the elevator after the question and answer session. She said most students were too intimidated to start a conversation with him. Buffett broke the silence by asking the students where they attend college. When Taube and her fellow classmates responded, Buffett proceeded to apologize for the previous night’s Mizzou game against Nebraska.

Buffett then invited the students out for lunch. He told MU students they could let one person ride with him to the restaurant.

Alexander was fortunate enough to be celebrating his birthday on the day he met Buffett.

“My classmates told me to go,” Alexander said. “I didn’t need to be told twice.”

At the restaurant, students not only emulated Buffett’s business style but his taste in soda.

“I guess that’s the only thing he drinks. So when we got to the restaurant, everyone was like, ‘OK, let’s drink cherry Coke because that’s what he drinks.”

Buffett treated the 180 students to salad, pasta and steak at Piccolo Pete's. Buffett went from table to table talking to students from the different schools.

He also had fun taking pictures with the business students.

“He would take any picture that you wanted him to take,” Taube said. “He would get down on one knee and propose to girls, and he put some guys in headlocks.”

Because of the economic recession, Buffett’s net worth has dropped by $25 billion dollars since last fiscal year, while Berkshire Hathaway’s stock value crashed at half its starting value.

Now he’s only worth about $37 billion.

But Taube said Buffett had optimistic words for all those looking to invest and revitalize the ailing economy.

“When times are good is when you should be worried. When times are bad, you should start to buy, because he gets things cheaper that way,” Taube said.

In an industry vilified by greedy CEOs, Kram said Warren Buffet is an exception.

“He’s one of the good guys left out there,” Kram said.

Taube, while at the restaurant, said she remembers Buffett telling her why he does this conference and luncheon.

“I do this because when I was your age I had people do this for me,” Buffett said to Taube. “I think I should give something back.”