- September 15, 2025
- More articles By John Tucker
- Illustration by Lauren Biagini
THE PHOTOGRAPH FROM 2005 (below) depicts a broad-shouldered Warren Buffett surrounded by UMD students, handing his wallet to a grinning undergraduate who tugs at the hunk of leather, nonplussed at his seeming luck. But Clinical Professor of Finance David Kass, smirking off to the right side in the photo, says Buffett was just having fun while living out his famous Rule No. 1: Never lose money. (Rule No. 2? Never forget rule No. 1.)
“It was a photo op—he doesn’t really let the wallet go,” says Kass, displaying the keepsake soon after Buffett announced in May that he would step down as CEO of Berkshire Hathaway, the company he turned into a $1.1 trillion juggernaut. Considered by many as history’s greatest investor, the 95-year-old will retire at year’s end but stay on as chairman, cementing a legacy that few know better than Kass.
The former senior economist for a variety of federal agencies is a foremost expert on the Oracle of Omaha, with his insights quoted over a hundred times by The Wall Street Journal, The Washington Post, Bloomberg and others. His office is festooned with photos of the business titan and UMD students; a framed personal note graces the wall. In the classroom, Kass begins each lesson with a discussion of the news, often veering into Berkshire Hathaway territory. “It’s in my contract that I must mention Warren Buffett’s name at least once,” he quips.
Kass has accompanied students on visits to Omaha for private meetings with Buffett on four occasions since joining UMD’s faculty in 2004 and led them on annual pilgrimages to Berkshire Hathaway’s investor meetings, known as “Woodstock for capitalists.” In 2010, on Buffett’s 80th birthday, Kass launched the Warren Buffett Blog, posting news and analysis.
This past February, as Kass studied Buffett’s annual shareholder letter, a short comment buried near the end jumped out: The investing icon was using a cane to walk. During a Business Insider interview, he suggested Buffett might announce his retirement during this year’s annual meeting. After the shocking revelation that day, the crowd of 40,000 erupted in appreciation, a moment captured on video by Kass near the front row.
The UMD professor will continue blogging about Berkshire Hathaway, the stock market and the economy while preaching Buffett’s philosophy: Buy and hold. Know your circle of competence. Look for a wonderful company at a fair price rather than a fair company at a wonderful price.
But Kass will also remember the private moments, when Buffett counseled students about life beyond money: “Follow something you’re passionate about,” Buffett once implored, a piece of advice Kass himself has stuck to.
(Photo courtesy of David Kass)
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