Berkshire Hathaway 2005 Annual Report Download - page 24

We will have huge crowds at Borsheim’ s throughout the weekend. For your convenience,
therefore, shareholder prices will be available from Monday, May 1 through Saturday, May 13. During
that period, just identify yourself as a shareholder through your meeting credentials or a brokerage
statement.
Borsheim’ s operates on a gross margin that, even before the shareholders’ discount, is fully twenty
percentage points below that of its major rivals. Last year, our shareholder-period business increased 9%
from 2004, which came on top of a 73% gain the year before. The store sold 5,000 Berkshire Monopoly
games – and then ran out. We’ ve learned: Plenty will be in stock this year.
In a tent outside of Borsheim’ s, Patrick Wolff, twice U.S. chess champion, will take on all comers
in groups of six – blindfolded. Additionally, we will have Bob Hamman and Sharon Osberg, two of the
world’ s top bridge experts, available to play with our shareholders on Sunday afternoon. They plan to keep
their eyes open – but Bob never sorts his cards, even when playing for a national championship.
Gorat’ s – my favorite steakhouse – will again be open exclusively for Berkshire shareholders on
Sunday, May 7, and will be serving from 4 p.m. until 10 p.m. Please remember that to come to Gorat’ s on
that day, you must have a reservation. To make one, call 402-551-3733 on April 1 (but not before).
In this school year, about 35 university classes will come to Omaha for sessions with me. I take
almost all – in aggregate, perhaps 2,000 students – to lunch at Gorat’ s. And they love it. To learn why,
come join us on Sunday.
We will again have a special reception from 4:00 to 5:30 on Saturday afternoon for shareholders
who have come from outside of North America. Every year our meeting draws many people from around
the globe, and Charlie and I want to be sure we personally greet those who have come so far. Last year we
enjoyed meeting more than 400 of you from many dozens of countries. Any shareholder who comes from
other than the U.S. or Canada will be given a special credential and instructions for attending this function.
* * * * * * * * * * * *
Charlie and I are extraordinarily lucky. We were born in America; had terrific parents who saw
that we got good educations; have enjoyed wonderful families and great health; and came equipped with a
“business” gene that allows us to prosper in a manner hugely disproportionate to other people who
contribute as much or more to our society’ s well-being. Moreover, we have long had jobs that we love, in
which we are helped every day in countless ways by talented and cheerful associates. No wonder we tap-
dance to work. But nothing is more fun for us than getting together with our shareholder-partners at
Berkshire’ s annual meeting. So join us on May 6th at the Qwest for our annual Woodstock for Capitalists.
We’ ll see you there.
February 28, 2006 Warren E. Buffett
Chairman of the Board
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