LESSON 18

After You Make Your First Warren Buffett Deal

DAIRY QUEEN was not Warren’s first or biggest deal, but it may have left the best taste in his mouth.

“There’s excitement when a Dairy Queen location opens in a community,” said John Gainor, president and CEO of International Dairy Queen, Inc. (IDQ) in 2012. “Everyone has a story to share about his or her DQ experience.”

Like the time someone allegedly saw Warren Buffett treating his friend Bill Gates to an ice cream at an Omaha Dairy Queen, and paying using a coupon.

When Warren was growing up in the 1940s and 1950s, Dairy Queens were becoming iconic fixtures of the social scene throughout the Midwest and South.

The soft serve ice cream formula was first developed in 1938 by J. F. (Grandpa) ...

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