Feb 23
Berkshire Hathaway—A Billionaire’s Reality
The conglomerate that was once rated as the eighth largest company in the world by the Forbes Group is the brainchild of the smartest man on Wall Street. A sagacious investor by nature, Warren Buffet, chairman and CEO of Berkshire Hathaway, built his empire through strategic investment, which was came intrinsically to him. He first filed his income tax in 1944 and at the age of 11 he first bought stocks of Cities Service.
The empire of Berkshire Hathaway spreads across pharmaceuticals, oil and gas, media, insurance, to financial services, food, construction, and many more. Apart from this, Berkshire Hathaway owns several companies in diverse industrial sectors, making it almost a $ 50 billion company in terms of equity valuation.
In 1962 Buffet started investing in a textile manufacturing firm in Berkshire Hathaway and in 1965 Buffet’s partnership started buying Berkshire shares very aggressively. In 1988 Buffet bought shares up to 7% for $1.20 billion of Coca Cola Company. Buffet became a billionaire when Berkshire Hathaway started selling class-A shares in 1990. During a sub-prime phase Berkshire’s earnings dropped 77% in the third quarter of 2008. Buffet helped Dow Chemicals with $ 18.8 billion takeover of Rohm and Haas and became the single largest shareholder in the enlarged group with his Berkshire Hathaway.
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