The 80-odd delegation the government sent to last week's World Economic Forum in Davos, at a time when our newly reappointed finance minister is urging prudence, has outraged the South African public, and rightly so. Switzerland is one of the most expensive countries in the world, and bankrolling a party of freeloaders to a four-day jaunt in an Alpine village is hardly justifiable for a needy nation like South Africa.According to The Economist's Bic Mac index, the iconic hamburger costs R105 in Switzerland compared with R28 back home. Using that simple gauge for comparison, I would hate to think what admission, accommodation, transport and meals cost taxpayers, or shareholders, for that matter.The government officials weren't the only South Africans schmoozing. Their presence was matched by the media and an equal number of executives from the private sector.While it is clear there is little will to fight squander in our cabinet offices, corporates are also often guilty of waste at the highest levels. Legendary investor Warren Buffett laments that many boardroom tables are packed with cocker spaniels rather than Dobermans.When it comes to considering increasing cleaners' pay, he illustrates, discussions can last days, but when fixing the CEO's remuneration package the chummy directors settle the matter in minutes. So, validating the steep costs of coffee at a table next to Gary Cohn (Goldman Sachs) or Larry Fink (BlackRock) in the mountainous retreat is an easy sell for any big nob.Not that I am entirely against attending pricey conferences in distant lands. I have benefited hugely from my numerous trips to Omaha (Berkshire Hathaway annual shareholders' meeting) and gatherings like the Ira Sohn Investment Conference in New York. I have also sat down with Alvaro Uribe, a former president of Colombia, enjoyed a glass of wine with celebrated author and film maker Sebastian Junger (Perfect Storm, Restrepo) and talked about Tokai with adventurer Ranulph Fiennes.But I have experienced the other side as well. I have addressed a virtually empty conference venue outside Los Angeles the morning after delegates had partied till dawn.At a technology conference in Cannes, organised by Societe Generale, a prominent local asset manager spent her entire three days shopping.Most of the other invitees from our country expected us to pick up the tab for drinks, taxis and other incidentals. Few, if any, rewarded us in brokerage or even bothered dropping us a short note of thanks.Still, I enjoyed Davos, at no expense, from the comfort of my office in Melrose Arch, thanks to exceptional interviews and panel discussions arranged by Bloomberg TV.I warmed to Japan's central bank head, Haruhiko Kuroda, who cheerfully explained in perfect English where his policies were heading, and was encouraged by Argentina's erudite new president Mauricio Macri's reform agenda.Although George Soros stole headlines by declaring the Chinese economy would land hard, the head of Chinese market regulation promised to improve communication and prevent a recurrence of the disturbances that rattled financial markets.It was one of many assurances offered by the Chinese to address problems arising from their transformation plans.Judging from the time spent discussing their economy, at least they got bang for their buck, which is more than we can say for our Zuma & Co...