Berkshire Hathaway 2009 Annual Report Download - page 20

The seller of the smaller bank – no fool – then delivered one final demand in his negotiations. “After
the merger,” he in effect said, perhaps using words that were phrased more diplomatically than these, “I’m going
to be a large shareholder of your bank, and it will represent a huge portion of my net worth. You have to promise
me, therefore, that you’ll never again do a deal this dumb.”
Yes, the merger went through. The owner of the small bank became richer, we became poorer, and the
managers of the big bank – newly bigger – lived happily ever after.
The Annual Meeting
Our best guess is that 35,000 people attended the annual meeting last year (up from 12 – no zeros
omitted – in 1981). With our shareholder population much expanded, we expect even more this year. Therefore,
we will have to make a few changes in the usual routine. There will be no change, however, in our enthusiasm
for having you attend. Charlie and I like to meet you, answer your questions and – best of all – have you buy lots
of goods from our businesses.
The meeting this year will be held on Saturday, May 1st. As always, the doors will open at the Qwest
Center at 7 a.m., and a new Berkshire movie will be shown at 8:30. At 9:30 we will go directly to the
question-and-answer period, which (with a break for lunch at the Qwest’s stands) will last until 3:30. After a
short recess, Charlie and I will convene the annual meeting at 3:45. If you decide to leave during the day’s
question periods, please do so while Charlie is talking. (Act fast; he can be terse.)
The best reason to exit, of course, is to shop. We will help you do that by filling the 194,300-square-
foot hall that adjoins the meeting area with products from dozens of Berkshire subsidiaries. Last year, you did
your part, and most locations racked up record sales. But you can do better. (A friendly warning: If I find sales
are lagging, I get testy and lock the exits.)
GEICO will have a booth staffed by a number of its top counselors from around the country, all of
them ready to supply you with auto insurance quotes. In most cases, GEICO will be able to give you a
shareholder discount (usually 8%). This special offer is permitted by 44 of the 51 jurisdictions in which we
operate. (One supplemental point: The discount is not additive if you qualify for another, such as that given
certain groups.) Bring the details of your existing insurance and check out whether we can save you money. For
at least 50% of you, I believe we can.
Be sure to visit the Bookworm. Among the more than 30 books and DVDs it will offer are two new
books by my sons: Howard’s Fragile, a volume filled with photos and commentary about lives of struggle
around the globe and Peter’s Life Is What You Make It. Completing the family trilogy will be the debut of my
sister Doris’s biography, a story focusing on her remarkable philanthropic activities. Also available will be Poor
Charlie’s Almanack, the story of my partner. This book is something of a publishing miracle – never advertised,
yet year after year selling many thousands of copies from its Internet site. (Should you need to ship your book
purchases, a nearby shipping service will be available.)
If you are a big spender – or, for that matter, merely a gawker – visit Elliott Aviation on the east side of
the Omaha airport between noon and 5:00 p.m. on Saturday. There we will have a fleet of NetJets aircraft that
will get your pulse racing.
An attachment to the proxy material that is enclosed with this report explains how you can obtain the
credential you will need for admission to the meeting and other events. As for plane, hotel and car reservations,
we have again signed up American Express (800-799-6634) to give you special help. Carol Pedersen, who
handles these matters, does a terrific job for us each year, and I thank her for it. Hotel rooms can be hard to find,
but work with Carol and you will get one.
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