After Berkshire Hathaway · Warren Buffett · Omaha
Berkshire Hathaway turned a New England mill into the world’s best-known holding company: whole businesses, a few great stocks, and a chairman in Omaha who wrote to shareholders as if they were partners. This is a Solana ledger built in that temper — not the company itself.
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The company
Warren Buffett took control of Berkshire Hathaway in 1965. Charlie Munger later sat beside him. They kept the old corporate name and filled it with insurers, a railroad, utilities, candy, and a stock portfolio meant to be owned, not flipped.
1839–1955
A New England mill
Berkshire Hathaway began as a textile business in Massachusetts. By the mid-century the mills were a fading industry, not a growth story.
1962–1965
Buffett takes the helm
Warren Buffett started buying the cheap shares, then took control in 1965. He later called the textile purchase a mistake — and used the company as a vehicle anyway.
1967 onward
Insurance, then everything
National Indemnity was an early turn. Insurance float — premiums held before claims are paid — became the cheap capital that funded decades of purchases.
1978–2023
Munger at the table
Charlie Munger, the Omaha lawyer and investor, became vice chairman. He pushed Buffett toward paying up for great businesses instead of only buying statistically cheap ones.
Each spring
Omaha, not Wall Street
Headquarters stayed in Omaha. The annual meeting grew into a pilgrimage: a packed arena, a six-hour Q&A, and a reminder that the culture is Midwestern and unhurried.
How they thought
Stay inside businesses you can actually understand. Pass on the rest, even when they are fashionable.
Prefer a company that can keep competitors out for a long time: brand, cost, network, or regulation — not a hot quarter.
Think like a partner who bought the whole firm, not a trader renting a ticker for a week.
Insurance float and a large cash reserve let the firm wait. The point is to be ready when a rare price appears.
The famous preference is to buy with the intention of never selling. Activity is a cost, not a virtue.
The annual letter is the house style: short words, numbers, and an admission when a decision was dumb.
Operating companies
We keep the books simple: what you hold, and the large addresses you chose to follow.
The full Berkshire story