B000U5KFIC EBOK (52 page)

Otis Booth and Charlie Munger began their first real estate development.

Buffett started buying shares in Berkshire Hathaway, a beleaguered
New Bedford, Massachusetts, textile manufacturer.

Munger, Rick Guerin and Buffett began buying shares in Blue Chip
Stamps.

Buffett accumulated enough shares of Berkshire Hathaway to take
control of the company.

National Indemnity Company and National Fire and Marine Insurance Company, sister companies, were acquired for approximately
$8.6 million.

Buffett started to liquidate Berkshire Hathaway's assets and restructure it as a holding company.

Munger became a trustee of Harvard School in Los Angeles, which
later merged with Westlake School.

The 100-member Berkshire Partnership was terminated at end of
1969. Investors had multiple choice-take cash, take shares in Berkshire Hathaway, in Diversified Retailing, or invest in the Sequoia
Fund.

In March, Buffett and Munger purchased the Illinois National Bank.

Rick Guerin and Munger acquired controlling interest in the Fund
of Letters and changed its name to the New America Fund.

Berkshire began investing in The Washington Post Company, becoming the largest shareholder outside the family of Katharine Graham.

Buffett and Munger bought Wesco Financial, the parent company of
a Pasadena savings and loan association.

Munger became chairman of Blue Chip Stamps.