u/BecomingBerkshire

In 1977, Buffett was still early in building Berkshire into what it would become.

He had already bought See’s Candies, taken a major position in The Washington Post, and was rebuilding Berkshire around insurance and investments. But even then, he knew buying an entire great business at a bargain price was extremely difficult.

Owners of wonderful businesses usually know what they have. They rarely sell cheap.

That is why the stock market mattered so much to Buffett.

It occasionally gave him the chance to buy small pieces of outstanding businesses at prices far below what a private buyer would have to pay for the whole company.

I love being able to take a snapshot of what Buffett was into during the early years

Here we have the GEICO position that was newly minted in 75, the famous Post investment, and for the first time, the capital cities investment.

The last time the Knicks won the chip, Warren Buffett was quietly buying 467,150 shares of The Washington Post for about $10.6 million.

https://open.substack.com/pub/becomingberkshire/p/becoming-berkshire-1973-part-3-the?r=21sroa&utm_campaign=post-expanded-share&utm_medium=post%20viewer