When Warren Buffett devoted a substantial section of his 1983 Berkshire Hathaway (BRK.B) (BRK.A) shareholder letter to the story of Rose Blumkin — better known as “Mrs. B” — he wasn’t just celebrating the company’s purchase of Nebraska Furniture Mart. He was telling the business world that some of the most enduring competitive advantages are forged not in corporate boardrooms, but in grit, frugality, and an obsession with customer value.
It’s a tale that remains as relevant to modern investors and entrepreneurs as it was four decades ago. The story exemplifies just what it is that Buffett looks for in an acquisition and in a business leader, and can help investors understand what they should look for when investing in a company.
