After the meeting today I had a chance to chat with David Sokol of MidAmerican. He talked to me about the business and was great to talk to.
*David Sokol’s Most Recent Mistake*
Not investing enough capital two years ago. He said he would have got much better returns.
*El Paso Bonds*
As we were eating some Dairy Queen Dilly Bars he bought for me and himself, he talked about his latest great investment of buying El Paso Bonds for 35 cents on the dollar. The bonds fetched a premium to par three months later and sold for a substantial profit.
*On Competition*
He told me MidAmerican competes with many companies that don’t respect their customers. He says business is better when people can compare MidAmerican to these companies.
*On Future Aquisitions*
He said Utilities are now at fair prices. He hopes some prospective companies stock price will be reduced by 15%. He said if the Utility Market dropped 15% MidAmerican would be doing some deals.
__________________________
Then Tony Nicely, CEO of GEICO, walked up to David Sokol and started talking to him. Then I introduced myself to him. I asked if I could take a picture of the two of them and they told me I should be in the picture too. I’ll post it when I get home.
__________________________
During my talk with David Sokol he got a phone call. He was confirming his bet on the Kentucky Derby with a family member. When he got off the phone he assured me that “Business comes first.”
Eric Schleien
zachary
teenmoney
josh4580
Carlton
How did you get to meet David Sokol.
He was in the exhibition room after the meeting was over.
[...] Hung Out with Two Berkshire CEOs… Tony Nicely (Geico)/David Sokol(MidAmerican) at Deep Thoughts of Eric Schleien [...]
David Sokol is doing his darnedest to undermine the Nebraska Athletic department. His ego barely fits into the room he occupies.
I think the Nebraska Athletic Dept did that on their own with the Solich debacle.