Release Date: Wednesday, July 18, 2001

INVESTOR WARREN BUFFETT VISITS TERRY COLLEGE, DELIGHTS CAPACITY AUDIENCE AT GUEST LECTURE

ATHENS, Ga. — Famed investor Warren Buffett made a rare speaking appearance at the University of Georgia's Terry College of Business on Wednesday, July 18, and discussed with students his investment philosophy as chairman of Berkshire Hathaway Inc., his biggest mistakes, and his approach toward philanthropy.

After a quick sound check of his microphone ("Testing, 1 million, 2 million..."), Buffett told the capacity audience at Sanford Hall, "You can ask anything. The only thing I won't tell you is what we're buying or selling. I don't even tell myself that."

Responding to why he defiantly stayed out of the dot com investment craze two years ago, Buffett said, "I have an old-fashioned belief that I should only expect to make money in things I understand. And when I say understand, I mean understand what the economics of the business are likely to look like 10 years from now.

"So when I look at the Internet business or I look at tech businesses, I say, 'This is a marvelous thing.' I love to play around on the computer. I order my books from Amazon. But I don't know who's going to win. And unless I know who's gonna win, I'm not interested in investing. Defining your circle of competence is the most important aspect of investing. It's not important how large your circle is. You don't have to be an expert on everything. But knowing where the perimeter of that circle is, and staying inside of it is all-important," he said.

"If I don't understand something, but I get all excited about it because my neighbors are talking about it and the stocks are going up, and I start investing someplace outside my circle, eventually I'll get creamed. And I should."

After answering questions for more than an hour, Buffett autographed books, dollar bills — even calculators — for audience members. Buffett flew into Athens as the guest of Executive-in- Residence Earl Leonard. As a keepsake of his visit to Terry College, Buffett was presented an original portrait of himself, titled "Omaha Rembrandt," painted by Athens artist and UGA graduate Alan Campbell.

Buffett's lecture will be re-broadcast in Athens on cable channel 15 (University Cablevision and Charter Cable) three times in the next week. It is scheduled to air on Sunday, July 22, at 2 pm; Tuesday, July 24, at 9 pm; and Sunday, July 29 at 8 pm

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