Warren Buffett：Berkshire Hathaway 2004 Letter, Additional Excerpt 2

Bill and Scott Hymas, his successor as CEO, then proposed a second Las Vegas store, only about 20 minutes away. I felt this expansion would cannibalize the first unit, adding significant costs but only modest sales. The result? Each store is now doing about 26% more volume than any other store in the chain and is consistently showing large year-over-year gains.

Source： https://www.berkshirehathaway.com/letters/2004ltr.pdf
Locator：2004 Chairman's Letter, additional excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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