A photograph of Mr Buffett appears on a box of See's Candies peanut brittle on display. To date, See's has earned US$1.9 billion pre-tax, with its growth having required added investment of only US$40 million.
It took Charlie Munger (above) to break the cigar-butt habits and set the course for building a business that could combine huge size with satisfactory profits, writes Mr Buffett.
ON May 6, 1964, Berkshire Hathaway, then run by a man named Seabury Stanton, sent a letter to its shareholders offering to buy 225,000 shares of its stock for US$11.375 per share.
I had expected the letter; I was surprised by the price.