Partnership Letter1965-01-0110 min read
The Berkshire Hathaway Takeover - 1965
The partnership took effective control of Berkshire Hathaway. Buffett described the textile business's decline and its poor capital allocation. This was the year he began transitioning from Graham's cigar-butt approach to buying quality businesses.
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Key Quotes
“The textile business was a very poor business... but I was making a major mistake in buying it.”
[[PLACEHOLDER]]