Media - News Release

Milwaukee, WI — Friday, October 9, 2009.

Jeff Matthews, the founder of Ram Partners LP, provided his insights from his trips to the past three Berkshire Hathaway annual meetings at the October 7th Chartered Financial Analyst (CFA) Society of Milwaukee luncheon held at the Milwaukee Athletic Club.  According to Mr. Matthews, the annual meeting, highlighted by a six hour Q&A with Mr. Buffett, is an event that everyone should go to at least once in their careers.  Regarding Mr. Buffett's views on investing and firm culture, Mr. Matthews noted, "Buffett as a manager is ok if you lose money, but if you lose his reputation, he can be ruthless."

Mr. Matthews founded Ram Partners LP, a Greenwich, Connecticut based hedge fund, in 1994 The topic of the luncheon, which was attended by over 30 CFA Society members, was Mr. Matthews' book published last winter, "Pilgrimage to Warren Buffett's Omaha: A Hedge Fund Manager's Dispatches from Inside the Berkshire Hathaway Annual Meeting." It's fascinating to me that two men at the head of one of the most successful public companies in the world don't talk about earnings per share growth, they don't talk about revenue, they talk about culture.  Buffett talks about maintaining it at Berkshire; Munger talks about exporting it to other companies, Mr. Matthews added about Berkshire's commitment to culture.  You wonder what would have happened if at Jimmy Kane at Bear Stearns or Dick Fuld at Lehman Brothers or Stan O'Neal at Merrill Lynch had done what Buffett does every year, which is sit down, write a 20 to 25 page letter, tell your shareholders what you've done right, what you've done wrong, why you did it, and what you think might happen. And then, what would happen if they went on stage every year for five and a half hours and took questions from anyone who wanted to ask a question, instead of having a shareholder meeting that's rigged, run by lawyers, lasts for 10 minutes, and you're out of there.
The monthly CFA Society of Milwaukee luncheons provide an opportunity for investment professionals, students, and interested parties to engage in a timely discussion of relevant events in the financial markets.  

The CFA Society of Milwaukee promotes ethical and professional standards within the investment industry, encourages professional development through the CFA® Program, and facilitates the open exchange of information and opinions. The Milwaukee Society is a member of the CFA Institute, a global association of investment professionals promoting the highest ethical standards along with offering educational opportunities.

About the CFA Society of Milwaukee

The CFA Society of Milwaukee was established in 1955 as the Milwaukee Investment Analysts Society and incorporated in 1970. The name was changed to CFA Society of Milwaukee in 2005.  In 1995 the society formed a Madison (WI) Chapter of the Milwaukee Society. The society was organized to provide a forum for local investment management professionals to gather on a regular basis to attend corporate/analyst presentations, share ideas, and develop their knowledge and understanding of the securities markets. The society plays a vital role within the Wisconsin investment community.  The goals of the society are to serve the needs of professionals in the investment decision-making process by providing a high-quality educational program and to promote high standards of professional ethics, conduct, and competence.  For more information on the CFA Society of Milwaukee, please call Membership Chair Kristin M. Lindblom, CFA at 414 -298-5961 or e-mail KLindblom@rwbaird.com.

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