History of Berkshire Hathaway in Timeline

Berkshire Hathaway is an American multinational conglomerate holding company, formerly a textile manufacturer. Led by Warren Buffett (chairman & CEO) and Charlie Munger (vice chairman) since 1965, it has become a prominent investment vehicle. Buffett owns a significant percentage of the company. Greg Abel oversees most investments and is Buffett's designated successor.

1912: Establishment of Ben Bridge Jeweler

In 1912, Ben Bridge Jeweler was established.

1914: Sunday edition ceased

In 1914, the Buffalo Evening News' Sunday edition ceased publication.

1915: Helzberg Diamonds began

In 1915, Helzberg Diamonds, a chain of jewelry stores based in Kansas City, began.

1935: Public Utility Holding Company Act of 1935

The Public Utility Holding Company Act of 1935 was repealed in 2005, ending the restriction that limited Berkshire's voting interest to 10% of MidAmerican Energy Holdings shares.

1940: National Indemnity Company Founded

In 1940, Jack Dabney Ringwalt founded National Indemnity Company.

1951: FlightSafety International (FSI) founded

In 1951, Albert Lee Ueltschi founded FlightSafety International (FSI).

1955: Textile Manufacturer Formed

In 1955, Berkshire Hathaway originated as a textile manufacturer formed from the merger of Hathaway Manufacturing Company and Berkshire Fine Spinning Associates.

1962: Buffett Begins Buying Stock

In 1962, Warren Buffett began buying Berkshire Hathaway stock for his investment fund at $7.50 per share.

1963: Franklin Otis Booth Jr. invested in Berkshire

In 1963, Franklin Otis Booth Jr. invested $1 million in Berkshire Hathaway.

1964: Tender Offer Dispute

In 1964, Warren Buffett received a tender offer of $11.375 per share from Berkshire Hathaway after he had been told orally the offer would be $11.50. This led Buffett to buy more stock to take control of the company.

1965: Transition into a Conglomerate

In 1965, Berkshire Hathaway transitioned from a textile manufacturer into a conglomerate under the management of Warren Buffett.

1965: Buffett Takes Control

In 1965, Warren Buffett bought more stock to take control of Berkshire Hathaway and fire Seabury Stanton, leaving Buffett's fund with a major interest in a declining textile business.

March 1967: Acquisition of National Indemnity Company

In March 1967, Berkshire Hathaway acquired National Indemnity Company for $8.6 million, marking the company's entrance into the insurance business under Warren Buffett's control.

1968: David Gottesman invested in Berkshire

In 1968, David Gottesman invested in Berkshire Hathaway.

1972: Acquisition of See's Candies

In 1972, Berkshire Hathaway acquired See's Candies for $25 million. See's produces boxed chocolates and confectionery products.

1976: Investment in GEICO

In 1976, Berkshire Hathaway first invested in GEICO, at a time when it was facing financial difficulty and had a very low stock price.

1977: Purchase of the Buffalo Evening News

In 1977, Berkshire Hathaway purchased the Buffalo Evening News and resumed publication of a Sunday edition that had ceased in 1914.

1978: Charlie Munger as Vice Chairman

In 1978, Charlie Munger became the vice chairman of Berkshire Hathaway, serving until 2023.

1982: Buffalo Courier-Express Ceases Operation

In 1982, after the morning newspaper Buffalo Courier-Express ceased operation, the Buffalo Evening News changed its name to The Buffalo News.

1983: Acquisition of Nebraska Furniture Mart

In 1983, Berkshire Hathaway acquired Nebraska Furniture Mart for $60 million.

1985: Last Textile Operations Shut Down

In 1985, Berkshire Hathaway's last textile operations were shut down.

January 1986: Acquisition of Fechheimer Brothers

In January 1986, Berkshire Hathaway acquired Fechheimer Brothers, owner of Flying Cross, which manufactures public safety uniforms, and Vertx, a civilian tactical clothing company.

1986: Acquisition of Scott Fetzer Company

In 1986, Berkshire Hathaway acquired Scott Fetzer Company, a diversified group of 32 brands that manufactures and distributes products for residential, industrial, and institutional use, including Ginsu knives and World Book Encyclopedia.

1986: NetJets Created Fractional Ownership of Aircraft Concept

In 1986, NetJets created the fractional ownership of aircraft concept and introduced its NetJets program in the United States with one aircraft type.

1991: Acquisition of H.H. Brown Shoe Group

In 1991, Berkshire Hathaway acquired H.H. Brown Shoe Group.

May 1995: Acquisition of RC Willey Home Furnishings

In May 1995, Berkshire Hathaway acquired RC Willey Home Furnishings.

1995: Acquisition of Helzberg Diamonds

In 1995, Berkshire Hathaway acquired Helzberg Diamonds.

January 1996: Acquisition of Full Ownership of GEICO

In January 1996, Berkshire Hathaway acquired full ownership of GEICO for $2.3 billion, acquiring the 49% of the company that it did not then own.

February 1997: Acquisition of FlightSafety International

In February 1997, Berkshire Hathaway acquired FlightSafety International (FSI), a pilot training company.

June 1997: Acquisition of Star Furniture

In June 1997, Berkshire Hathaway acquired Star Furniture.

October 1997: Acquisition of Dairy Queen

In October 1997, Berkshire Hathaway acquired Dairy Queen for $585 million. Dairy Queen franchises stores that sell dairy desserts, beverages, prepared foods, and snack foods.

July 1998: Acquisition of NetJets

In July 1998, Berkshire Hathaway acquired NetJets for $725 million in cash. NetJets is the world's largest provider of fractional ownership programs for general aviation aircraft.

December 1998: Acquisition of Gen Re

In December 1998, Berkshire Hathaway acquired Gen Re for $22 billion. Buffett later said he overpaid, despite strong performance by General Re.

October 1999: Acquisition of Jordan's Furniture

In October 1999, Berkshire Hathaway acquired Jordan's Furniture for an estimated $200 million to $300 million.

1999: Acquisition of MidAmerican Energy Holdings

In 1999, Berkshire Hathaway acquired MidAmerican Energy Holdings, later rebranded as Berkshire Hathaway Energy (BHE).

February 2000: Acquisition of CORT Business Services Corporation

In February 2000, CORT Business Services Corporation was acquired by Wesco Financial Corporation, an 80.1% owned subsidiary of Berkshire Hathaway.

May 2000: Acquisition of Ben Bridge Jeweler

In May 2000, Berkshire Hathaway acquired Ben Bridge Jeweler, a chain of jewelry stores established in 1912.

June 2000: Acquisition of Justin Brands

In June 2000, Berkshire Hathaway acquired Justin Brands, the parent company of Justin Boots, Acme Boots, and Acme Brick, for $600 million in cash.

December 2000: Acquisition of Benjamin Moore & Co.

In December 2000, Berkshire Hathaway acquired Benjamin Moore & Co., a company that formulates, manufactures, and sells architectural coatings.

2000: Nebraska Furniture Mart Purchases Homemakers Furniture

In 2000, Nebraska Furniture Mart purchased Homemakers Furniture.

2005: Acquisition of PacifiCorp

In 2005, Berkshire Hathaway acquired PacifiCorp for $5.1 billion in cash, and assumed $4.3 billion in PacificCorp debt and preferred stock.

December 2011: Purchase of Omaha World-Herald

In December 2011, Berkshire Hathaway formed BH Media Group with the purchase of the Omaha World-Herald, which included six other daily newspapers and several weeklies across Nebraska and southwest Iowa.

June 2012: Purchase of 63 Newspapers from Media General

In June 2012, Berkshire Hathaway purchased 63 newspapers from Media General for $142 million in cash, including the Richmond Times-Dispatch and Winston-Salem Journal.

2012: National Indemnity acquires GUARD

In 2012, National Indemnity acquired workers' compensation insurer GUARD for $221 million.

March 2013: Rebranding as HomeServices of America

In March 2013, the residential real estate brokerage business was rebranded as HomeServices of America, a division of Berkshire Hathaway Energy.

2013: Newspaper Acquisitions

In 2013, Berkshire Hathaway purchased the Tulsa World, the Greensboro, North Carolina-based News & Record, Virginia's Roanoke Times, and Press of Atlantic City.

April 2014: MidAmerican Rebranded as Berkshire Hathaway Energy

In April 2014, MidAmerican Energy Holdings was rebranded as Berkshire Hathaway Energy (BHE).

2014: Sale of WPLG to BH Media

In 2014, Graham Holdings Company sold its Miami television station, ABC affiliate WPLG to BH Media in a cash and stock deal.

2015: Transfer of Campbell Hausfeld

In 2015, Campbell Hausfeld products were transferred to Marmon, also a Berkshire subsidiary.

September 2017: Acquisition of Long & Foster

In September 2017, Berkshire Hathaway Energy acquired several residential real estate brokerages including Long & Foster.

2018: Agreement with Lee Enterprises

In June 2018, Lee Enterprises and Berkshire Hathaway reached a five-year agreement to allow Lee Enterprises to manage Berkshire Hathaway's newspaper and digital operations.

2019: See's Candies Investment Returns

By 2019, the $25 million investment in See's Candies had returned over $2 billion, or an 8000% return, to Berkshire Hathaway.

2019: NetJets Program Operation

In 2019, the NetJets program operated more than 10 aircraft types with a fleet size of greater than 750.

2020: Lee Enterprises acquired BH Media Group

In 2020, Lee Enterprises acquired BH Media Group's publications and The Buffalo News for $140 million in cash, retaining WPLG.

2021: Sale of Kirby Company

In 2021, Kirby Company, part of Scott Fetzer Company, was sold.

2023: Shareholder returns

Between 1965 and 2023, Berkshire Hathaway's shareholder returns amounted to a compound annual growth rate (CAGR) of 19.8% compared to a 10.2% CAGR for the S&P 500. However, in the 10 years ending in 2023, Berkshire Hathaway produced a CAGR of 11.8% for shareholders, compared to a 12.0% CAGR for the S&P 500.

2023: Munger's Vice Chairmanship ends, Abel to succeed Buffett

In 2023, Charlie Munger's tenure as vice chairman ended, and Greg Abel was named as the successor to Warren Buffett, overseeing most of the company's investments.

August 2024: Valued at Over $1 Trillion

In August 2024, Berkshire Hathaway became the eighth U.S. public company and the first non-technology company to be valued at over $1 trillion by market capitalization.