Soso 64 dating berkshire
The stock was then selling for .50, a wide discount from per-share working capital of .25 and book value of .20.Buying the stock at that price was like picking up a discarded cigar butt that had one puff remaining in it.(Berkshire’s 1964 annual report is reproduced on pages 130-142.) For a time I got lucky: Berkshire immediately enjoyed two years of good operating conditions. In 1985, I finally threw in the towel and closed the operation.Better yet, its earnings in those years were free of income tax because it possessed a large loss carry-forward that had arisen from the disastrous results in earlier years. During the 18 years following 1966, we struggled unremittingly with the textile business, all to no avail. * * * * * * * * * * * * Undeterred by my first mistake of committing much of BPL’s resources to a dying business, I quickly compounded the error.Though the stub might be ugly and soggy, the puff would be free.
I had expected the letter; I was surprised by the price. About 7% of these were owned by Buffett Partnership Ltd.
Berkshire thereafter stuck to the script: It soon closed another two plants, and in that May 1964 move, set out to repurchase shares with the shutdown proceeds.