Berkshire Hathaway 2012 Annual Report Download - page 24

The doors will open at 7 a.m., and at 7:30 we will have our second International Newspaper Tossing
Challenge. The target will be the porch of a Clayton Home, precisely 35 feet from the throwing line. Last year I
successfully fought off all challengers. But now Berkshire has acquired a large number of newspapers and with
them came much tossing talent (or so the throwers claim). Come see whether their talent matches their talk. Better
yet, join in. The papers will be 36 to 42 pages and you must fold them yourself (no rubber bands).
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 1,090 pairs of Justin boots, (that’s a pair every
30 seconds), 10,010 pounds of See’s candy, 12,879 Quikut knives (24 knives per minute) and 5,784 pairs of Wells
Lamont gloves, always a hot item. But you can do better. Remember: Anyone who says money can’t buy happiness
simply hasn’t shopped at our meeting.
Last year, Brooks, our running shoe company, exhibited for the first time and ran up sales of $150,000.
Brooks is on fire: Its volume in 2012 grew 34%, and that was on top of a similar 34% gain in 2011. The company’s
management expects another jump of 23% in 2013. We will again have a special commemorative shoe to offer at
the meeting.
On Sunday at 8 a.m., we will initiate the “Berkshire 5K,” a race starting at the CenturyLink. Full details for
participating will be included in the Visitor’s Guide that you will receive with your credentials for the meeting. We
will have plenty of categories for competition, including one for the media. (It will be fun to report on their
performance.) Regretfully, I will forego running; someone has to man the starting gun.
I should warn you that we have a lot of home-grown talent. Ted Weschler has run the marathon in 3:01.
Jim Weber, Brooks’ dynamic CEO, is another speedster with a 3:31 best. Todd Combs specializes in the triathlon,
but has been clocked at 22 minutes in the 5K.
That, however, is just the beginning: Our directors are also fleet of foot (that is, some of our directors are).
Steve Burke has run an amazing 2:39 Boston marathon. (It’s a family thing; his wife, Gretchen, finished the New
York marathon in 3:25.) Charlotte Guyman’s best is 3:37, and Sue Decker crossed the tape in New York in 3:36.
Charlie did not return his questionnaire.
GEICO will have a booth in the shopping area, staffed by a number of its top counselors from around the
country. Stop by for a quote. 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 about 35 books and DVDs, including a couple of new ones.
Carol Loomis, who has been invaluable to me in editing this letter since 1977, has recently authored Tap Dancing to
Work: Warren Buffett on Practically Everything. She and I have cosigned 500 copies, available exclusively at the
meeting.
The Outsiders, by William Thorndike, Jr., is an outstanding book about CEOs who excelled at capital
allocation. It has an insightful chapter on our director, Tom Murphy, overall the best business manager I’ve ever
met. I also recommend The Clash of the Cultures by Jack Bogle and Laura Rittenhouse’s Investing Between the
Lines. Should you need to ship your book purchases, a shipping service will be available nearby.
The Omaha World-Herald will again have a booth, offering a few books it has recently published. Red-
blooded Husker fans – is there any Nebraskan who isn’t one? – will surely want to purchase Unbeatable. It tells the
story of Nebraska football during 1993-97, a golden era in which Tom Osborne’s teams went 60-3.
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