Berkshire Hathaway 1999 Annual Report Download - page 20

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NFM’s newly remodeled complex, located on a 75-acre site on 72 Street between Dodge and Pacific, is open from
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10 a.m. to 9 p.m. on weekdays and 10 a.m. to 6 p.m. on Saturdays and Sundays. This operation offers an unrivaled
breadth of merchandise — furniture, electronics, appliances, carpets and computers — all at can’t-be-beat prices. In
1999 NFM did more than $300 million of business at its 72 Street location, which in a metropolitan area of 675,000
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is an absolute miracle. During the Thursday, April 27 to Monday, May 1 period, any shareholder presenting his or her
meeting credential will receive a discount that is customarily given only to employees. We have offered this break to
shareholders the last couple of years, and sales have been amazing. In last year’s five-day “Berkshire Weekend,” NFM’s
volume was $7.98 million, an increase of 26% from 1998 and 51% from 1997.
Borsheim’s — the largest jewelry store in the country except for Tiffany’s Manhattan store — will have tw o
shareholder-only events. The first will be a champagne and dessert party from 6 p.m.-10 p.m. on Friday, April 28. The
second, the main gala, will be from 9 a.m. to 6 p.m. on Sunday, April 30. On that day, Charlie and I will be on hand
to sign sales tickets. Shareholder prices will be available Thursday through Monday, so if you wish to avoid the largest
crowds, which will form on Friday evening and Sunday, come at other times and identify yourself as a shareholder. On
Saturday, we will be open until 7 p.m. Borsheim’s operates on a gross margin that is fully twenty percentage points
below that of its major rivals, so be prepared to be blown away by both our prices and selection.
In the mall outside of Borsheim’s, we will again have Bob Hamman — the best bridge player the game has ever
seen — available to play with our shareholders on Sunday. We will also have a few other experts playing at additional
tables. In 1999, we had more demand than tables, but we will cure that problem this year.
Patrick Wolff, twice US chess champion, will again be in the mall playing blindfolded against all comers. He tells
me that he has never tried to play more than four games simultaneously while handicapped this way but might try to
bump that limit to five or six this year. If you’re a chess fan, take Patrick on — but be sure to check his blindfold before
your first move.
Gorat’s — my favorite steakhouse — w ill again be open exclusively for Berkshire shareholders on Sunday, April
30, and will be serving from 4 p.m. until about midnight. Please remember that you can’t come to Gorat’s on Sunday
without a reservation. To make one, call 402-551-3733 on April 3 (but not before). If Sunday is sold out, try Gorat’s
on one of the other evenings you will be in town. I make a “quality check” of Gorat’s about once a week and can report
that their rare T-bone (with a double order of hash browns) is still unequaled throughout the country.
The usual baseball game will be held at Rosenblatt Stadium at 7 p.m. on Saturday night. This year the Omaha
Golden Spikes will play the Iowa Cubs. Come early, because that’s when the real action takes place. Those wh o
attended last year saw your Chairman pitch to Ernie Banks.
This encounter proved to be the titanic duel that the sports world had long awaited. After the first few pitches —
which were not my best, but when have I ever thrown my best? — I fired a brushback at Ernie just to let him know who
was in command. Ernie charged the mound, and I charged the plate. But a clash was avoided because we became
exhausted before reaching each other.
Ernie was dissatisfied with his performance last year and has been studying the game films all winter. As you may
know, Ernie had 512 home runs in his career as a Cub. Now that he has spotted telltale weaknesses in my delivery, he
expects to get #513 on April 29. I, however, have learned new ways to disguise my “flutterball.” Come and watch this
matchup.
I should add that I have extracted a promise from Ernie that he will not hit a “come-backer” at me since I would
never be able to duck in time to avoid it. My reflexes are like Woody Allen’s, who said his were so slow that he was
once hit by a car being pushed by two guys.
Our proxy statement contains instructions about obtaining tickets to the game and also a large quantity of other
information that should help you enjoy your visit in Omaha. Join us at the Capitalist Caper on Capitol Avenue.
Warren E. Buffett
March 1, 2000 Chairman of the Board