Rose Blumkin

Before doing so, however, we should first look at a failure at one of our smaller businesses.

Our vice chairman, Charlie Munger, has always emphasized the study of mistakes rather than successes, both in business and other aspects of life.

He does so in the spirit of the man who said, all I want to know is where I'm going to die, so I'll never go there.

You'll immediately see why we make a good team.

NFM is the largest store of its kind in the country.

Although the already depressed farm economy worsened considerably in 1985, the store easily set a new sales record.

I also am happy to report that NFM's chairman, Rose Blumkin, the legendary Mrs.

B, continues at age 92 to set a pace at the store that none of us can keep up with.

And as with so many of Buffett's most interesting purchases, the story is considerably more interesting than the transaction itself.

Because behind the business was a remarkable woman known as Rose Blumkin, better known as Mrs.

B.

A woman who'd arrived in America, unable to speak English, started a business with $500 and eventually built what Buffett regarded as one of the greatest retail businesses in the country.

And do it extraordinarily well.

So today we're going to explore why Warren Buffett loved Nebraska Furniture Mart.

The extraordinary story of Rose Blumkin.

The competitive advantages of the business.

The Blumkin blood did not run thin.

Louie, Mrs. B's son, and his three boys, Ron, Irv, and Steve, all contribute in full measure to NFM's amazing success.

The younger generation has attended the best business school of them all.

that conducted by Mrs.