Family Inc.: The New B-School Job Choice (BusinessWeek)

Two weeks ago I was given an amazing opportunity to be interviewed for an article focusing on college students and the family business. Last week Alison Damast conducted a 20 minute interview over the phone for the article. We talked at length about what I am learning in the class, the current job situation for soon to be graduates, and family businesses.

Overall I am very pleased with this article. I thought it represents myself, the family business, and the University of Nebraska in a positive manner. I hope that this article helps persuade the University of Nebraska to give this class I am currently taking MNGT 322 permanent funding. There are a lot of kids who have personal ties to a family business and the normal curriculum of the College of Business Administration does not talk about the uniqueness and the potential challenges in family businesses. I did think the stock Getty image used in the article was kind of funny though.

Please take a look at the article here http://bit.ly/JMBizweek

There is no place like Nebraska – 300th Sellout

I don’t normally post things like this but I got it in an email and found the souce. Its just too good not to post and it really makes me feel good to be a Husker. The original source is located here http://www.espn1420.com/Default.aspx?tabid=3710&EntryID=6695

Written by Jaywalker

This is my 18th season covering Cajuns football. And, for eight years before that, I had the opportunity to broadcast selected games on TV as well.

I’ve been to nine SEC stadiums. (I’ll go to a tenth next season at Georgia.) I’ve seen the grove at Ole Miss, experienced the Gator Chomp, the Mississippi State cowbells, been a part of Alabama football in both Birmingham and Tuscaloosa. I’ve been called “Tigerbait” in Baton Rouge and experienced some pretty good hospitality in South Carolina.

I’ve said hello to the folks at Illinois and Minnesota. Felt September heat in Tempe, AZ.

Been to Manhattan, Lubbock, Austin, Stillwater and College Station. College Station was probably the best. Folks say “Howdy” when they see you. And they say “welcome.”

Haven’t been to the Horseshoe, the Big House or Happy Valley. Nor have I seen Touchdown Jesus.

But I’ve been to College Football Nirvana.

It’s located in Lincoln, Nebraska.

From the time we touched down (“Welcome to Lincoln,” the police officers doing the escort said) to the time we left the stadium (“Thanks so much for coming, have a safe trip home. We hope you’ll come back again”) every Cajun fan felt like a guest.

That’s right. A guest. Not the opposition…not the enemy….a guest.

Check into the Cornhusker Marriott, not far from campus. Fans of Big Red Nation are already there. Smiles, handshakes….welcome to Lincoln. Good luck tomorrow.

Board the bus for dinner. Arrive at Misty’s, Lincoln’s famous steakhouse (I mean, you gotta eat a steak, right?). There were about 25 in our party. We had to wait about twenty minutes for them to get everything ready. No problem. As soon as the patrons saw the Cajun gear, they wanted to talk…introduce themselves….welcome to Lincoln….thanks so much for coming. Hope you enjoy the game…..

Is this for real??

And, it continued throughout the evening and into the night. We made lots of friends. We Cajun people make friends pretty easily, but it’s even easier when folks want to be friends.

In Lincoln, they all want to be your friend.

Gameday is different in Lincoln. They tailgate, sure….but it’s tougher because, well, there’s just not a lot of tailgaiting spots. But they do open the soccer field next to the stadium. Families can let the kids roam free. Nebraska radio does a pregame show there. And, a band plays during the commercial breaks.

I did an interview at the soccer field with the Nebraska radio folks. And then, had a pretty good trek to the media entrance. At each gate, the sight was the same. Hundreds lined up, waiting for the gates to open so they could get into the stadium and watch their team warm up.

By the time Nebraska came out, about 45 minutes before kickoff, the stadium was about 65% full. There was no “hey, let’s stay outside and pound a few more beers.”

Because it was gameday. And they came to see football.

By the time the band was ready to come out, 86000 strong were in their seats. They stood and clapped along when the Cornhusker Band played “Fight on Cajuns” to honor their guests. And when the band played “There is no Place Like Nebraska” I knew that the statement was true.

For the first time ever in my years covering the Cajuns, I did not hear a single boo when the Cajuns came out of their tunnel onto their sidelines; in fact, I heard a smattering of applause.

During the game, 86000 cheered as Nebraska rolled. They didn’t leave at halftime to go out and start drinking (and remember it was 34-0 at the half). Some were outside, but they had passes to get back in and by the time the second half was ready to kick off, they were all back in their seats.

In the fourth quarter there were STILL over 80000 in the stands. Security keeps an eye out for the sign of alcohol in the stands, which is how trouble starts. If they see alcohol they don’t turn a blind eye. After all, college football is about a FAMILY atmosphere.

And when it ended, the fans stayed for another Cornhusker tradition. They applauded the Cajuns as they left the field.

Now you might say…sure, it’s easy to clap for someone when you just beat them 55-0. But they do that when their team LOSES. The newspaper on Saturday morning reprinted a handwritten letter from Florida State coach Bobby Bowden after the Seminoles got a hard fought 18-14 win years ago. Yep, the Nebraska fans cheered them as they left.

More of the same post game. There was a young man in a wheelchair where the Cajun players were getting their postgame meal. As each player came out, the young man thanked them for coming and wished them safe travels home. Many of the players stopped to chat for a minute.

Then it was over. And, as the buses left for the airport, the fans that were still there waved and applauded. No one finger salutes. No “you suck” chants. Simply, safe travels, my friends.

If the two teams should play again in the future, plan ahead Cajun Fans. Make the long drive or the relatively short flight. Come in Friday…leave Sunday. And, you will learn what REAL college football atmosphere is about.

Because, trust me…..there is no place like Nebraska.

A few photos from the celebration after the game. It feels great to have attended the 300th consecutive sell out and be part of the largest crowd ever at Memorial Stadium.



Berkshire Hathaway Annual Meeting 2009

This weekend I attended the Berkshire Hathaway annual meeting in Omaha, NE. This was the largest Berkshire Hathaway meeting ever with over 35,000 people attending. This was a surprise to me because of the recession and the stock has posted its worst year ever. Despite this it was a big and busy meeting. The company movie this year was better than previous years even though it was scaled back. The company movie contains many commercials from the many companies the Berkshire owns of owns controlling stakes in. It also contained funny things about the general economic situation as well as guest appearances by celebrities. This year it was Tiger Woods with Warren Buffet as his caddie.

The format of the Q&A section after the company movie changed and was much improved. In the past all of the questions came from the audiences and many of the topics stayed away from the business of Berkshire and instead moved to other topics, it also included protesters which was quite annoying from a shareholder perspective. This year however shareholders were asked to submit questions to 3 preselected journalists who then choose the best questions to ask. This was augmented with live questions from the shareholders in attendance. This format worked much better and kept the meeting mostly on the topic of Berkshire and the general economy.

It was this Q&A section that I found the most interesting. Being a college student in the business school and being interested in Finance, and the markets I found one question more interesting than others. That question I found most interesting were the questions about the use of higher mathematics and modern portfolio theory. Both Buffet and Munger were in agreement that students and investors should stay away from theories requiring computers and calculators. The Wall Street Journal had an excellent article on this and the following quotes below are from this article http://blogs.wsj.com/marketbeat/2009/05/02/buffett-and-munger-stay-away-from-complex-math-theories/

Mr. Buffett: “There is so much that’s false and nutty in modern investing practice and modern investment banking, that if you just reduced the nonsense, that’s a goal you should reasonably hope for.”

Mr. Buffett on the efficient market hypothesis, the idea that all information is instantly priced into the market: “There’s this holy writ, the efficient market theory. How do you teach your students everything is priced properly? What do you do for the rest of the hour?”

Mr. Buffett on the use of higher-order math in finance: “The more symbols they could work into their writing the more they were revered.”

Mr. Munger on the same theme: “Some of the worst business decisions I’ve ever seen are those with future projections and discounts back. It seems like the higher mathematics with more false precision should help you but it doesn’t. They teach that in business schools because, well, they’ve got to do something. ”

Mr. Buffett adds: “If you stand up in front of a business class and say a bird in the hand is worth two in the bush, you won’t get tenure…. Higher mathematics my be dangerous and lead you down pathways that are better left untrod.”

Mr. Buffett on the persistence of bad ideas in finance: “The famous physicist Max Planck was talking about the resistance of the human mind, even the bright human mind, to new ideas…. And he said science advances one funeral at a time, and I think there’s a lot of truth to that and it’s certainly been true in finance.”

To me this is all very interesting because much of this efficient market hypothesis and how to build a portfolio is what I have been learning this semester in my finance classes. It contains a lot of math (Which I don’t like, or understand many times) the formulas are complicated and most of all many of them rely on discounting and future projections. Mr Munger’s quote here I think is right on and seems right to me. I just wish that the end of the semester was in a few weeks. I think we could have a great time discussing a lot of these ideas in my financial investment class.

It seems as though the hedge funds that have tried this “fancy math” theory have failed time and time again. One that we just learned about in class was LTCM (http://en.wikipedia.org/wiki/Long-Term_Capital_Management) which worked good when the market was “normal” but failed hugely when the market was not normal. If history and the past few months show us anything is that the market is not normal and these practices cannot be relied upon 100%. Instead Buffets practice of buying undervalued businesses that are well run and managed.

In the end I think its interesting that the Oracle of Omaha basically thinks that a majority of what I have been learning in Business School is crap, and just time filler. The entire thing just makes me really take a step back and look at what I have “learned” this semester and wonder about graduation next year and what I will be doing after.


1935 Dusenberg SJ553 Beautiful Car

1935 Dusenberg SJ553 Amazing Car

Husker Football Spring Game 2009 Photos

The Husker Nation sure is a dedicated crew. When you can get over 77,000 people to attend what can only be described as a glorified practice its a good day for a great game. All week the weather was forecast to be rainy for the game. Well the weather men were wrong! It rained before the game but cleared up perfectly for the game its self. The entire game was sunny and warm. You could not have asked for better weather.

I decided to bring my camera to the game because I had great seats (Thanks mom and dad). It has been a while since I had shot sports but considering I was in the sands I think I got some decent results.


More photos can be in the gallery







Jones Coffee Photo Show

UNL Photo club has an exhibition up at Jones Coffee (11th and G st) till March 31, 2009. I should have posted this a few weeks ago but got busy with school and things. Go see the show if you have the chance and grab a nice cup of tea (or coffee if you prefer) while your at it. Below are a few of my photos in the show.

My photo is the toaster in the top right corner



A close up of my photo (Toaster)



My second photo second from the left.



A closeup of my second Photo.



Light Painting or Light Graffiti

Wow, a month gone by and no update. I really need to be more frequent and I will try hard to get this done.

UNL Photo club picked a very cool and creative topic for a theme recently. It was Light Painting and Graffiti. I made some LED Light pens out of LED, Clear Vinyl Tube, Wire, Lithium Batteries, a Resistor, and a Switch.




I built these using a combination of previous knowledge and with a little help from the following websites
http://lightdoodles.com/pages/pens.htm
http://www.instructables.com/id/LED-Light-Drawing-Pens-Tools-for-drawing-light-do/
http://ledcalc.com/

My roommate and I decided that January in Nebraska was way too cold to go outside and do some more of the typical things that are seen with this type of photography so we stayed inside and experimented in the kitchen.


Toast anyone?


How many college educated kids does it take to get a wallet out of a tree?

Outside my window yesterday I notice a girl trying to get her ID that is stuck in a tree, Watch her fight the tree and loose till other people come and help her.


How many college educated kids does it take to get a wallet out of a tree? from LiquidRetro on Vimeo.

Additional Images





Digg.com this story http://digg.com/videos/comedy/How_many_college_educated_kids_does_it_take_to_get_a_wallet_out_of_a_tree

View this video on Youtube.com at http://youtube.com/watch?v=oJkJ5ulEnJ8

Vote for this video Break.com at http://my.break.com/content/view.aspx?ContentID=399136

Finger Injury / Update

Last Friday I had an accident. For months, my dad has been researching new grills to buy. He finally decided on one and bought it. It arrived last Friday. This is no ordinary grill that you buy at the Home Depot. It is a DCS and its solid stainless steel. With its cart, it weighs approximately 200 lbs. That evening we were assembling it and needed to move it. I went to get a good position and had to readjust my hands to keep them from slipping. The spot my fingers found when the lifting began somehow inside a louver. It was sharp here and the weigh, lifting and sliding cut my fingers like a knife. Lots of blood began flowing and we made a prompt visit to Urgent Care about 3 blocks from my house. The dogs were happy to clean up the blood that was on the floor.

We arrived at Urgent Care 3 minutes before they closed. For the first time I could see the severity of my injury. I had deeply cut my middle, ring, and pinky fingers on my left hand. They made me was out my cuts and then the worst part of numbing them came next. After that, six stitches went in. I received two stitches in each finger. The entire process took about 15 min. After this, we went to the Culvers car shot right across the street. Below is a picture of what my fingers looked like 24 hours after the stitches when I was changing the dressing. Some people had requested the pictures after hearing about what I did.

It is good to be done with school. Everything ended up great. I was very satisfied with my grades for the semester. Microsoft Office 2007 finally came into the campus bookstore and its great to get the Enterprise edition for only $15.

The first week off from school Aaron, Ryan, and myself finished the ChristmasLux project. More on this later but the project now has its own blog. Look for more soon. http://liquidretro.net/lightshow/

The second week off I detailed the Ferrari extensively. It now looks like a completely different car.