Rodent Regatta

Warren Buffett held his annual meeting of stockholders in Omaha yesterday. There was good news all around. He’s pursuing the purchase of Clayton Homes. The deal with McLane Company and Wal-Mart was announced. Record earnings for the first quarter of 2003 were announced. Life is good in Omaha right now.

Continuing to focus on CEO compensation and its excesses, Mr. Buffett was quoted as saying, ”If I can’t understand it, the mangement probably doesn’t want me to understand it.” He was talking about financial reports from large companies, but he could have just as well been talking about other forms of executive excess. [CEO photo courtesy of dollarshort.org]