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Pilgrimage to Omaha; Parsing the Fed: Best of Kass

NEW YORK (TheStreet) -- Doug Kass of Seabreeze Partners is known for his accurate stock market calls and keen insights into the economy, which he shares with RealMoney Pro readers in his daily trading diary.

Among his posts this past week were entries about his trip to Omaha to grill Warren Buffett and the significance of the latest Fed policy statement.

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My Pilgrimage to Warren Buffett's Omaha
Originally published on Sunday, May 5 at 11:04 a.m. EDT.

What a truly amazing 48 hours I had in Omaha.

I will have more on Real Money Pro tomorrow, but let me summarize my once-in-a-lifetime experience.

Upon landing in Omaha on Thursday night, I immediately went to meet Lindsey Bell and TheStreet crew at the Omaha Hilton, right across from the convention center where the Berkshire Hathaway (BRK.B) annual shareholders meeting would begin the next morning.

Lindsey did a nice job in the interview, seeking out not only my emotions but also the main subjects on which I planned to grill The Oracle on Saturday.

Here is Lindsey's interview.

I spent the rest of the evening at 801 Chophouse, having an unbelievable steak and editing my questions at the bar and a bit later back at the hotel room.


Friday morning I was on CNBC's "Squawk Box" with Becky Quick and my buddy/friend/pal Mario Gabelli. It was a fun interview on the stage of the convention center that was later to be the locale of the annual shareholders meeting.

Becky asked me how I felt, and I said that I felt like a journeyman pitcher facing my Hall of Famer cousin Los Angeles Dodgers pitcher Sandy Koufax. What is worse is that I faced two terrific hitters. In the No. 3 position in the batting order was Charlie Munger, with a lifetime batting average of .390, and in the cleanup spot was the greatest hitter in the history of Major League Finance, Warren Buffett.

Nevertheless, in my questions on Saturday, I had hoped to throw the duo a few tough curveballs.

She asked me how I prepared. Similar to Mario, I had been researching stocks, but since Berkshire has been under a microscope, I had to do a deeper dive -- almost as an investigative reporter. Fortunately, I had some experience, having been a Nader Raider and co-authoring Citibank with Ralph Nader and The Center for Responsive Law.


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