Episode 6: Episode 6: The 1965 Buffett Partnership Letter ; The 12½-Cent Takeover
In Episode 6, I revisit Warren Buffett’s 1965 partnership letter and the year he took control of Berkshire Hathaway.
Becoming Berkshire
The history of the stock market, iconic companies, and American business through the lens of Warren Buffett and Berkshire Hathaway.
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Hochschild, Kohn & Co.
Issue #51 | Buffett and Munger’s First Investment Together, and the Cost of Buying a Second-Class Business at a Third-Class Price
Inside the 1978 Capital Cities Annual Report
Issue #50 | 1978: A Deep Dive into the Capital Cities 10-K
From the Archives: Buffett’s Playbook Meets Berkshire’s Cigar Butt
I first sent this 1963 issue to about 50 readers. Now it’s updated with Buffett’s partnership letter and Berkshire’s 1963 annual report.
Episode 5: The 1964 Buffett Partnership Letter
In Episode 5 of Becoming Berkshire, we look at Warren Buffett’s 1964 Partnership Letter and Berkshire Hathaway’s 1964 annual report.
Capital Cities
Issue #49: 1977 - How Tom Murphy and Dan Burke Built One of the Greatest Media Compounders of the 20th Century
From the Archives: The $7.50 Mistake That Built Berkshire Hathaway
Originally published October 10, 2023 | Issue 3: 1962
Episode 4: Buffett’s 1963 American Express Bet
In Episode 4 of Becoming Berkshire, we are still in 1963.
Episode 3: 1963, The Two Stories Meet
In Episode 3 of Becoming Berkshire, we enter 1963, the year Buffett’s partnership letter and Berkshire Hathaway’s annual report start to feel like two parts of the same story.
1962: Berkshire Hathaway’s Annual Report
In 1962, Warren Buffett began buying shares of Berkshire Hathaway, a struggling New England textile mill selling far below book value.
1962: Buffett’s Partnership Letter
In this episode, we look at Warren Buffett’s 1962 partnership letter and the early framework behind his investing style.
For the First Time in Forever : Disney ($DIS)
What Disney’s 2025 10-K reveals about streaming profitability, record operating cash flow, and a company that may finally be turning the corner
Berkshire Hathaway 1977: A New Hope
Issue 48| Buffett’s 1977 letter shows how operating earnings, disciplined underwriting, and marketable securities began to power Berkshire’s transformation.
Inside Exxon’s Empire: ($XOM)
Reviewing ExxonMobil’s 2025 10-K to understand how one of the world’s largest energy companies actually makes money.
The Buffalo Evening News
Issue 47| 1977 -Why Buffett and Munger paid up for the Buffalo Evening News and why the Sunday edition became one of his hardest early business fights.
From Qwikster to Cash Flow Machine: Netflix ($NFLX)
A 2025 10-K Review of Netflix’s transformation into a global profit machine
Charlie Munger’s 1977 Blueprint for Berkshire
Charlie Munger’s 1977 Blue Chip Stamps letter reads like an early blueprint for Berkshire. See’s, Wesco, float, and the strange little holding company that helped shape Buffett’s empire.
Start Here: Your Guide to Becoming Berkshire
Where to start, what I write about, and the best posts to read first
The YouTube of Video Games? Roblox ($RBLX)
A 10-K deep dive into Robux, deferred revenue, developer network effects, and whether Roblox’s moat is real
1976: When the Berkshire Machine Began to Work
Issue 45| 1976 -Inside the 1976 Berkshire Hathaway Annual Report: GEICO, insurance float, and the early formation of Buffett’s compounding engine.