Warren Buffett declared an 89-year-old carpet seller would 'run rings around' America's best CEOs. Here's the incredible story of Mrs B.
Mrs B founded Nebraska Furniture Mart in 1937, and enlisted her children and grandchildren to grow it into the biggest home-furnishings store in the nation.
She traveled across Siberia on the Trans-Siberian Railroad without a ticket or passport, convincing a guard on the Russia-China border to let her pass by promising him a big bottle of brandy upon her return, Arnold writes. Mrs B's strategy was to undercut her rivals, prompting them to organize boycotts and haul her into court for violating fair-trade laws. During one trial, she explained that she turned a profit by selling everything at 10% above cost. The judge not only acquitted her, he bought $1,400 worth of carpet from her the next day. Buffett was a longtime admirer of Nebraska Furniture Mart.
When Buffett brought the deal to Mrs B, he didn't check the store's inventory or real-estate titles, audit the accounts, or conduct any due diligence. The agreement was done with a smile, a handshake, and a 1 1/4 page contract that Buffett drafted.
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