Buffett Letters
Consumer Discretionary / Motorcycles

Harley-Davidson

During the 2008鈥?009 financial crisis, Berkshire purchased Harley-Davidson senior notes at a 15% yield 鈥?crisis-era lending at exceptional terms. Harley exemplifies brand power: its community of enthusiasts is among the most loyal of any consumer brand, though the core demographic has aged and international expansion has been challenging.