In 1962, a successful young fund manager named Warren Buffett began buying sleepy New England textile firm Berkshire Hathaway. He wasn't interested in the textile business itself. The business wasn't doing too well, but Berkshire generated copious amounts of free cash flow. What's more, it had valuable assets like plants, equipment, and land that could be liquidated for even more cash. With this in mind, Buffett dissolved his investment. The rest, as they say, is history... Despite the fact that Buffett once said that Berkshire itself was one of his worst investing mistakes, his later performance is proof of the wisdom and value of his approach. Not surprisingly, dozens of books have been written on the subject, probing virtually every aspect of the Oracle of Omaha's life and all of his legendary investment decisions. And lucky for us, we have that wealth of information right at our fingertips. Read More... |
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