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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: bull_dozer who wrote (63924)	5/4/2020 2:18:25 AM
From: bruwin	Respond to of 78740

On that trip to China, in a private jet, Buffett stopped over in Israel to finalize the purchase of multinational tool company ISCAR. The initial owners of ISCAR had phoned Buffett up and asked if he would be interested to buy their company. Buffett did his "homework" and agreed to buy 80% of them for about $4 billion. About 7 years later he "mopped up" the remaining 20% for about $2 billion. I mean, after all, what's a billion or two here or there to Berkshire Hathaway !! Also on board that flight was the son of the original founder of NEBRASKA FURNITURE MART (NFM) who was now the MD of that company. Buffett had bought that company years before from his mother and founder, Rose Blumkin, on a "handshake deal" for about $55 million. The younger Blumkin was on his way to China to have discussions with a Chinese company that was making furniture for NFM. A reporter who was on the flight asked Blumkin why he got furniture made in China instead of back home in the USA ? Blumkin replied that it was "cheaper to make furniture in China, plus the cost of shipping it back to the USA, than getting it made within a short radius of NFM back home. In the 'old days' ALL of NFM's products had been MADE IN THE USA" !!! ...... As they say ... "GO FIGURE !!"