I remember the DQ purchase when it happened--and celebrated with a large cherry dip cone :). It just seemed right out of the See's Coke playbook. And it's been yet another low risk/high reward Home Run for Buffett.

Most of DQs locations are franchised so this is a fairly capital light business--Berkshire Doesn't have to invest heavily in RE, Equipment, or store ops. Berkshire collects franchise fees and ROYALTIES--a beautiful high margin, recurring revenue stream. I think of this every time I enjoy a blizzard or cone lol.

Dairy Queen's incredible brand strength powers this recuring revenue. It's a poster child for Warren's love affair with powerful valued franchises--the gift that keeps on giving.

DQ, like See's, has strong pricing power. When $3 small cones go to $3.49 there's barely a blip in demand loss.
Warren bought the business 28 years ago not just for its obvious franchise power but because he loves the product himself-a two-fer.
Much like Coke.

Dairy Queen is a quintessential Warren Buffett holding. It's not so massive that it moves the needle like a Coke--but it's a pretty darn special 85-year-old Berkshire family member... I hope the guy 9 years older is celebrating with at least an 85 cent Blizzard today :)