No that isn’t a misprint. Long before it was known as Warren Buffett’s conglomerate, BRK.A was a New England textile company. Then a spry 30-something, Buffett butted heads with Seabury Stanton, who was then the company’s CEO.
Stanton tried to buy back Buffett’s shares at a price lower than what they had previously agreed. Incensed, Buffett took over Berkshire and subsequently fired Stanton.
Soon, though, he realized that Berkshire’s stock was cheap for a good reason, the U.S. textile business was dying. He eventually threw in the towel on Berkshire’s textile business in 1985.
In 2010, Warren Buffett described BRK.A as the “dumbest stock I ever bought.”
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