4/1/2018 0 Comments Nebraska Furniture MartOver the past two weeks, one major event has been looming over my mind: the 2018 Berkshire Hathaway Annual Meeting. This is not nearly the first time that I have talked about this topic in one of my weekly reports, but this event is so inspiring and integral to my business career that every year, it seems like a fresh new challenge. So, this week, I would like to focus on one of the people that make up this incredible company and that have inspired me to work like I do today.
The first person that I would like to talk about is Mrs. Rose Blumkin. Blumkin, or Mrs. B, was the founder of Nebraska Furniture Mart, a company that Berkshire acquired and is now one of the largest furniture stores in the country. This is a prime example of a “story” company, one with such an incredible story and valuable management that no value investor could pass up. Mrs. B was a fiercely competitive and business-minded individual that first came as an immigrant from Russia. Although she did not know how to read or write, her children taught her how to speak English, and soon, when the family hit hard times, she started Nebraska Furniture Mart from her home. Since the opening of the store, Mrs. B functioned on the mantra “Sell cheap, tell the truth, don’t cheat nobody”. This complete honesty and sincere desire to work is exactly what attracted Warren Buffett, and many other investors, to her. The deal closed in 1983 with a simple handshake between Mrs. B and Buffett because she couldn’t sign her own signature. From then until her death at 104 years old, she happily worked in the original Nebraska Furniture Mart in Omaha, zipping around on her scooter, helping customers make their houses into homes at affordable prices. The story of Rose Blumkin has been one of my favorite ever since I have learned about Berkshire. Hers is a story of pure human resilience and honesty. It goes to show that no matter what level of education or experience you have, you can accomplish anything as long as you are passionate about what you do. The story of Mrs. B has guided me along through the beginning of my career, and will continue to inspire me throughout the rest of my life, not only in investing, but personally as well.
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