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The humorous story of how an 89-year-old woman outsmarted Warren Buffet

Thursday, October 6, 2016 13:19
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Rose Blumkin, widely known as “Mrs. B,” was a Russian-born entrepreneur who founded Nebraska Furniture Mart (NFM) in the basement of her husband’s second-hand clothing shop in 1937. “Sell cheap and tell the truth,” was her motto and she used these principles to grow her basement business into the largest home furnishings store in North America. 

In 1983 and at the age of 89, Mrs. B sold 80 percent of NFM to Warren Buffett’s Berkshire Hathaway on a handshake agreement. Standing only 4’10”, she had the harmless facade of a sweet elderly woman. Mr. Buffett assumed the handshake agreement without a non-compete clause would be sufficient considering Mrs. B’s age, but underestimated her tenacious business acumen…

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