Oct 03, 2024 09:26 PM IST
Karen Goracke, CEO of jewelry store Borsheims, a Berkshire Hathaway subsidiary talks about Warren Buffett and how he inspires everyone at Berkshire companies
Warren Buffett, the 9th richest person in the world with a net worth of $144 billion as per the Bloomberg Billionaires Index is one of the smartest persons in the world, a Business Insider interview quoted Karen Goracke as saying. She is the CEO and President of jewelry store Borsheims, which is a Berkshire Hathaway subsidiary business.
Goracke started working as a sales associate for Borsheims in 1988 straight out of college when the Buffett’s Berkshire Hathaway acquired Borsheims from the family that owned it in 1989.
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She was interviewed by Buffett himself for the position of CEO a few years after she returned from her career break to raise her kids after her lawyer husband became a partner and things got chaotic at home.
Though she was initially nervous, he offered her a job then and there. Goracke describes him as being charming, funny, and informative, adding that she’s never nervous with him now.
Buffett visits the store several times a year, but sometimes doesn’t tell before he does, and asks a lot of questions when he does show up. However, the report quoted her as saying that “I’m sitting with probably the smartest person in the world. Why wouldn’t I ask him about everything from the business to our local community to sports?”
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She describes him as being supportive and kind, having a rapport similar to talking to a coworker, although she doesn’t contact him more than a couple of times a year as he is 94 now.
Warren Buffett’s primary advise to Goracke is to focus on what she was good at. For instance, as a buyer, she was good at understanding the appropriate amount of money to spend, the inventory level, and how that drives the business for the company.
Buffett calls all the CEOs of Berkshire’s business as his managers, with Goracke feeling he wants to empower them all to do what they think is best and that she sees him as a confidence booster.
She also says that she has a network of Berkshire Hathaway businesses she can call for advice as well, which she feels is a blessing.
A key trait she takes away from Buffett is the fact that he’s a huge reader. Thus, she reads a huge number of articles and publications as she learnt from him that knowledge is power.
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