APPENDIX B

Chronology of Buffett Deal Highlights

1962. Buffett begins buying stock in Berkshire Hathaway, apparently noticing a stock price pattern each time the company closed a mill. Eventually, he concedes that the textile business is a declining industry and that the company’s fortunes will not improve. He has a chance to sell his holdings, but he rejects the offer as a result of a dispute over price ($11.38 versus $11.50 a share), gains control of the company, and fires the principal. Becoming the majority owner of a failing textile company because of a perceived slight over price, Buffett says later, was the biggest investment mistake he has ever made. Had the additional money that he poured into Berkshire been invested in the insurance ...

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