When shareholders descend on Omaha, NE this weekend for Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B)’s annual meeting, they will once again be treated to billionaire Warren Buffett as “Crazy Warren” when he sells 26 loose diamonds laser-inscribed with his signature. Presumably, like “Crazy Larry”, his prices will be insane.
Borsheims has for years enjoyed Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B)’s annual meeting as one of the world’s richest men and a number of investors who have done quite well with him over the years descend on the plains. This year will be the second consecutive year that the “Sage of Omaha” graces the small jewelry store with his presence. The investors’ meeting will begin on Saturday with Warren Buffett taking to Borsheims on Sunday afternoon.
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“Warren Buffett’s prices are INSANE”
An average Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) annual meeting brings over 30,000 shareholders, members of the media, and other guests to town each year and this year is not meant to be any different.
“On Sunday (May 6, 2012) around 2 p.m., I will be clerking at Borsheims, desperate to beat my sales figure from last year,” Warren Buffett wrote. “So come take advantage of me. Ask me for my ‘Crazy Warren’ price,” wrote Buffett in his annual letter that was released on Saturday.
That was quickly followed by a blog post from Borsheims which read, We are thrilled to have Warren Buffett back among our sales staff. He set records last year in his brief stint behind the counter and we expect a longer stay from Warren Buffett this year.”
Borsheims’ Brookshire relationship
Borsheims was founded in 1870 but its inclusion in the annual event is owing to the fact that it has been a wholly owned subsidiary of holding company Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) for the last 25 years when Warren Buffett got involved in 1989. The store itself now measures 62,500 square feet following a major remodel in 2006. While the store has an inventory of over 100,000 pieces, it’s the company’s catalog and Internet business that has driven its growth through the years.
The 26 loose pieces that will be on offer with Buffett’s signature range between 0.75-carat and 5 carats. Borsheims has also set 25 more “signed” diamonds in pendant necklaces and will be sold at $1,750. The price is somewhat surprising given that similar pieces not made for the promotion are sold around $2,500. Warren Buffett and Berkshire continue to offer value to its shareholders.