Berkshire Hathaway 2011 Annual Report Download - page 22

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The Annual Meeting
The annual meeting will be held on Saturday, May 5th at the CenturyLink Center (renamed from
“Qwest”). Last year, Carrie Kizer debuted as the ringmaster and earned a lifetime assignment. Everyone loved
the job she did – especially me.
Soon after the 7 a.m. opening of the doors, we will have a new activity: The Newspaper Tossing Challenge.
Late last year, Berkshire purchased the Omaha World-Herald and, in my meeting with its shareholder-employees,
I told of the folding and throwing skills I developed while delivering 500,000 papers as a teenager.
I immediately saw skepticism in the eyes of the audience. That was no surprise to me. After all, the
reporters’ mantra is: “If your mother says she loves you, check it out.” So now I have to back up my claim. At
the meeting, I will take on all comers in making 35-foot tosses of the World-Herald to a Clayton porch. Any
challenger whose paper lands closer to the doorstep than mine will receive a dilly bar. I’ve asked Dairy Queen to
supply several for the contest, though I doubt that any will be needed. We will have a large stack of papers. Grab
one. Fold it (no rubber bands). Take your best shot. Make my day.
At 8:30, a new Berkshire movie will be shown. An hour later, we will start the question-and-answer
period, which (with a break for lunch at the CenturyLink’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.
The best reason to exit, of course, is to shop. We will help you do so 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. In a nine-hour period, we sold 1,249 pairs of Justin boots, 11,254
pounds of See’s candy, 8,000 Quikut knives (that’s 15 knives per minute) and 6,126 pairs of Wells Lamont
gloves, a Marmon product whose very existence was news to me. (The product I focus on is money.) But you can
do better. Remember: Anyone who says money can’t buy happiness simply hasn’t shopped at our meeting.
Among the new exhibitors this year will be Brooks, our running-shoe company. Brooks has been
gobbling up market share and in 2011 had a sales gain of 34%, its tenth consecutive year of record volume. Drop
by and congratulate Jim Weber, the company’s CEO. And be sure to buy a couple of pairs of limited edition
“Berkshire Hathaway Running Shoes.”
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 half of you, I believe we can.
Be sure to visit the Bookworm. It will carry more than 35 books and DVDs, including a couple of new
ones. I recommend MiTek, an informative history of one of our very successful subsidiaries. You’ll learn how my
interest in the company was originally piqued by my receiving in the mail a hunk of ugly metal whose purpose I
couldn’t fathom. Since we bought MiTek in 2001, it has made 33 “tuck-in” acquisitions, almost all successful. I
think you’ll also like a short book that Peter Bevelin has put together explaining Berkshire’s investment and
operating principles. It sums up what Charlie and I have been saying over the years in annual reports and at
annual meetings. Should you need to ship your book purchases, a shipping service will be available nearby.
If you are a big spender – or aspire to become one – 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. Come by bus; leave by private jet. I’ll OK your credit.
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. Airlines have sometimes jacked up prices
for the Berkshire weekend. If you are coming from far away, compare the cost of flying to Kansas City versus
Omaha. The drive between the two cities is about 2
1
⁄
2
hours, and it may be that you can save significant money,
particularly if you had planned to rent a car in Omaha. Spend the savings with us.
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