Ike Friedman

Overview

Ike Friedman was the manager of Borsheim's and a legendary figure in the jewelry industry. He was the son of Rebecca and Louis Friedman and a relative of Mrs. B.

The Managerial Legend

Buffett’s admiration for Ike Friedman was the primary reason for Berkshire's purchase of Borsheim's.

• The Handshake Deal: Buffett trusted Ike so implicitly that he didn't take inventory or audit the books before writing a large check.
• The Creed: Ike operated under the mantra: "Sell cheap and tell the truth."
• The Achievement: Ike transformed a small Omaha jewelry store into one of the highest-volume operations in the United States by maintaining a lower cost structure than any competitor.

Buffett's Tribute

In the 1988 Letter, Buffett wrote:

"I can assure you that those who put their trust in Ike Friedman and his family will never be disappointed... Our willingness to write a large check on the basis of Ike simply telling us what was so is the ultimate testimonial."

Related Entities

• Borsheim's
• Rose Blumkin
• Friedman Family