History of Berkshire Hathaway in Timeline
Berkshire Hathaway is an American multinational conglomerate holding company based in Omaha, Nebraska. Initially a textile manufacturer, it transformed into a diversified conglomerate under the leadership of Warren Buffett and Charlie Munger, starting in 1965. Greg Abel is slated to succeed Buffett and currently manages most of the company's investments. Warren Buffett maintains significant ownership, holding 38.4% of Class A voting shares, which translates to a 15.1% economic interest in the company.
1912: Ben Bridge Jeweler established
In 1912, Ben Bridge Jeweler, a chain of jewelry stores, was established.
1914: Buffalo Evening News Sunday edition ceases
In 1914, the Sunday edition of the Buffalo Evening News ceased publication.
1915: Helzberg Diamonds founded
In 1915, Helzberg Diamonds, a chain of jewelry stores based in Kansas City, was founded.
1935: Public Utility Holding Company Act
In 1935, the Public Utility Holding Company Act was enacted, which later impacted Berkshire Hathaway's investment restrictions.
1940: National Indemnity founded
In 1940, Jack Dabney Ringwalt founded National Indemnity Company.
1951: FlightSafety International founded
In 1951, Albert Lee Ueltschi founded FlightSafety International (FSI), a pilot training company.
1955: Formation of Berkshire Hathaway
In 1955, Berkshire Hathaway was formed from the merger of Hathaway Manufacturing Company and Berkshire Fine Spinning Associates, starting as a textile manufacturer.
1962: Buffett begins buying stock
In 1962, Warren Buffett began buying Berkshire Hathaway stock for his investment fund, Buffett Partnership Ltd., at $7.50 per share.
1963: Booth invests in the company
In 1963, Franklin Otis Booth Jr. invested $1 million in Berkshire Hathaway, eventually becoming a billionaire.
1964: Tender offer dispute
In 1964, a dispute over a tender offer price led Warren Buffett to increase his stake in Berkshire Hathaway.
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, took control of Berkshire Hathaway, and fired Seabury Stanton, after a dispute over a tender offer.
March 1967: Acquisition of National Indemnity Company
In March 1967, Berkshire Hathaway acquired National Indemnity Company for $8.6 million, marking the company's entry into the insurance business under Buffett's control.
1968: Gottesman invests in the company
In 1968, David Gottesman invested in Berkshire Hathaway, eventually becoming a billionaire.
1972: Acquisition of See's Candies
In 1972, Berkshire Hathaway acquired See's Candies for $25 million.
1976: First investment in GEICO
In 1976, Berkshire Hathaway first invested in GEICO when it was facing financial difficulty and had a very low stock price.
1977: Purchase of Buffalo Evening News
In 1977, Berkshire Hathaway purchased the Buffalo Evening News and resumed publication of a Sunday edition.
1978: Charlie Munger becomes Vice Chairman
Charlie Munger became the Vice Chairman of Berkshire Hathaway in 1978 and held the position until his death in 2023.
March 16, 1980: Berkshire becomes a public company
On March 16, 1980, Berkshire Hathaway became a public company via an initial public offering, selling Class A shares for $290 each.
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.
August 26, 1983: Berkshire shares close above $1,000
On August 26, 1983, Berkshire Hathaway's shares closed above $1,000 for the first time.
1983: Acquisition of Nebraska Furniture Mart
In 1983, Berkshire Hathaway acquired Nebraska Furniture Mart for $60 million.
1985: Textile operations shut down
In 1985, Berkshire Hathaway's last textile operations were shut down, marking the end of an era for the company's original business.
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.
1986: NetJets creates fractional ownership
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.
October 16, 1992: Berkshire shares close above $10,000
On October 16, 1992, Berkshire Hathaway's shares closed above $10,000 for the first time.
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, acquiring the 49% of the company that it did not then own for $2.3 billion.
1996: Berkshire Hathaway creates Class B shares
In 1996, Berkshire Hathaway created Class B shares, with reduced per-share value and voting rights compared to the original Class A shares.
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.
July 1998: Acquisition of NetJets
In July 1998, Berkshire Hathaway acquired NetJets for $725 million in cash.
December 1998: Acquisition of Gen Re
In December 1998, Berkshire Hathaway acquired Gen Re for $22 billion.
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, initially limited to a 10% voting interest.
February 2000: CORT Business Services acquired
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., headquartered in Montvale, New Jersey.
2000: Nebraska Furniture Mart purchases Homemakers Furniture
In 2000, Nebraska Furniture Mart purchased Homemakers Furniture.
January 2001: Acquisition of 87% of Shaw Industries
In January 2001, Berkshire Hathaway acquired 87% of Dalton, Georgia-based Shaw Industries.
February 2001: Acquisition of Johns Manville
In February 2001, Berkshire Hathaway acquired Johns Manville, established in 1858 and a manufacturer of fiberglass wool insulation products.
January 2002: Acquisition of remaining 12% of Shaw Industries
In January 2002, Berkshire Hathaway acquired the remaining 12% of Shaw Industries.
2005: Acquisition of PacifiCorp
In 2005, Berkshire Hathaway acquired PacifiCorp for $5.1 billion in cash and assumed $4.3 billion in debt and preferred stock.
October 23, 2006: Berkshire shares close above $100,000
On October 23, 2006, Berkshire Hathaway's shares closed above $100,000 for the first time.
2007: Berkshire named most respected company by Barron's
In 2007, Berkshire Hathaway was named by Barron's as the most respected company in the world.
2008: Berkshire emphasizes commitment to holding ample cash
Berkshire Hathaway's annual reports since 2008 have emphasized its commitment to holding ample cash to cover near-term insurance obligations.
2008: David Sokol becomes CEO of Berkshire Hathaway Energy
David L. Sokol was the CEO of Berkshire Hathaway Energy until early 2008.
January 2010: Berkshire Hathaway splits Class B shares
After the January 2010 split, Class B shares held 1⁄1,500 the price and 1⁄10,000 the voting rights of the Class-A shares.
January 2010: Berkshire completes stock split and joins S&P 500
In January 2010, as part of the acquisition of BNSF Railway, Berkshire Hathaway completed a 50-to-1 stock split of its Class B shares, leading to its inclusion in the S&P 500.
October 2010: Todd Combs joins Berkshire Hathaway as investment manager
In October 2010, Todd Combs joined Berkshire Hathaway as an investment manager.
December 2011: Purchase of Omaha World-Herald
In December 2011, Berkshire Hathaway formed BH Media Group with the purchase of the Omaha World-Herald, including other daily and weekly newspapers.
2011: David Sokol resigns from Berkshire Hathaway
In 2011, David L. Sokol resigned from Berkshire Hathaway after it was disclosed that he personally made a $3 million profit from Berkshire Hathaway's purchase of Lubrizol.
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.
2012: National Indemnity acquires GUARD
In 2012, National Indemnity acquired workers' compensation insurer GUARD for $221 million.
2012: Ted Weschler joins Berkshire Hathaway as investment manager
In early 2012, Ted Weschler joined Berkshire Hathaway as a second investment manager.
March 2013: Rebranding of real estate brokerage business
In March 2013, Berkshire Hathaway Energy rebranded its residential real estate brokerage business as HomeServices of America.
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).
August 14, 2014: Berkshire shares close above $200,000
On August 14, 2014, Berkshire Hathaway's shares closed above $200,000 for the first time.
2014: Berkshire ranked second most respected company by Barron's
In 2014, Berkshire Hathaway was ranked second after Apple Inc. on Barron's survey of most respected companies.
2014: Acquisition of Miami television station WPLG
In 2014, Graham Holdings Company sold its Miami television station, ABC affiliate WPLG to BH Media in a cash and stock deal.
2015: Berkshire ranked second most respected company by Barron's
In 2015, Berkshire Hathaway was ranked second after Apple Inc. on Barron's survey of most respected companies.
2015: Campbell Hausfeld transferred to Marmon
In 2015, Campbell Hausfeld products were transferred to Marmon, also a Berkshire Hathaway subsidiary.
2016: Berkshire ranked second most respected company by Barron's
In 2016, Berkshire Hathaway was ranked second behind Johnson & Johnson on Barron's survey of most respected companies.
June 2017: Berkshire acquires stake in Home Capital Group
In June 2017, Berkshire Hathaway acquired a 38.4% stake in Home Capital Group for $400 million, providing a lifeline to the mortgage lender.
June 2017: Berkshire invests in Store Capital
In June 2017, Berkshire Hathaway invested $377 million in Store Capital, a real estate investment trust.
September 2017: Acquisition of Long & Foster
In September 2017, HomeServices of America, a division of Berkshire Hathaway Energy, acquired Long & Foster.
January 2018: Berkshire Hathaway appoints Ajit Jain and Greg Abel as vice-chairmen
In January 2018, Berkshire Hathaway appointed Ajit Jain and Greg Abel to vice-chairman roles.
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.
September 2019: Berkshire purchases stock in Japanese sogo shosha
Between September 2019 and August 2020, Berkshire Hathaway purchased more than 5% of the outstanding stock of each of the five largest Japanese sogo shosha.
2019: See's Candies investment returns
By 2019, Berkshire Hathaway's $25 million investment in See's Candies had returned over $2 billion, or an 8000% return.
2019: Berkshire finances Occidental Petroleum
In 2019, Berkshire Hathaway provided $10 billion in financing to Occidental Petroleum through warrants and preferred stock as part of its acquisition of Anadarko Petroleum.
2019: NetJets program operates over 10 aircraft types
In 2019, the NetJets program operated more than 10 aircraft types with a fleet size of greater than 750.
April 2020: Berkshire sells airline shares
In April 2020, Berkshire Hathaway sold all of its shares in major airlines due to the impact of the COVID-19 pandemic on commercial air transport.
August 2020: Berkshire owns stakes in Japanese sogo shosha worth over $6 billion
Between September 2019 and August 2020, Berkshire Hathaway purchased more than 5% of the outstanding stock of each of the five largest Japanese sogo shosha, these stakes were worth a total of over $6 billion.
2020: Sale of BH Media Group to Lee Enterprises
In 2020, Lee Enterprises acquired BH Media Group's publications and The Buffalo News for $140 million in cash, while retaining WPLG.
2020: Berkshire invests in Barrick Gold and Dominion Energy
In the second quarter of 2020, Berkshire Hathaway added a position of more than 20 million shares in Barrick Gold, and in the third quarter of 2020, the company agreed to buy Dominion Energy's natural gas transmission and storage operations.
May 2021: Buffett names Greg Abel as successor
In May 2021, Warren Buffett named Greg Abel to be his successor as CEO of Berkshire Hathaway.
2021: Berkshire sells Barrick Gold shares
In 2021, Berkshire Hathaway sold its position in Barrick Gold.
2021: Kirby Company sold
In 2021, the Kirby Company, which was part of the Scott Fetzer Company, was sold.
March 16, 2022: Berkshire shares close above $500,000
On March 16, 2022, Berkshire Hathaway's shares closed above $500,000 for the first time.
2022: Berkshire invests in Occidental shares
In 2022, Berkshire Hathaway began investing in common shares of Occidental Petroleum and increased its position since.
2022: Berkshire acquires shares of HP Inc.
In the first quarter of 2022, Berkshire Hathaway acquired 121 million shares of HP Inc. valued at more than $4.2 billion.
2022: Berkshire acquires stake in Paramount Global
In the first quarter of 2022, Berkshire Hathaway acquired a $2.6 billion stake in Paramount Global.
2022: Berkshire purchases shares in TSMC
In the third quarter of 2022, Berkshire Hathaway purchased 60 million shares in TSMC valued at $4.1 billion.
April 2023: Berkshire increases stake in Japanese companies
By April 2023, Berkshire Hathaway increased its stake in each of the five largest Japanese sogo shosha to 7.4%.
November 28, 2023: Death of Charlie Munger
Charlie Munger, vice chairman of Berkshire Hathaway since 1978, died on November 28, 2023.
2023: Shareholder returns
From 1965 to 2023, Berkshire Hathaway's shareholder returns showed a compound annual growth rate (CAGR) of 19.8%.
2023: Berkshire sells shares of HP Inc.
In 2023 and 2024, Berkshire Hathaway sold its shares of HP Inc.
2023: Berkshire begins investing in Chubb Limited
In 2023, Berkshire Hathaway began investing in Chubb Limited.
2023: Munger steps down and Abel takes over
In 2023, Charlie Munger stepped down as Vice Chairman of Berkshire Hathaway, and Greg Abel took over most of the company's investments and was named as Buffett's successor.
May 4, 2024: Buffett announces sale of Paramount shares at a loss
On May 4, 2024, Warren Buffett stated that he had sold all of his shares in Paramount Global at a substantial loss, blaming himself for the investment decision.
August 2024: Valued 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.
August 2024: Class A shares reach $700,000
In August 2024, Berkshire Hathaway's class A shares reached $700,000, marking the highest per-share price of any public company in the world.
2024: Berkshire owns 6.4% stake in Chubb Limited
By 2024, Berkshire Hathaway owned a 6.4% stake in Chubb Limited, worth $6.7 billion.
2024: Berkshire sells shares of HP Inc.
In 2023 and 2024, Berkshire Hathaway sold its shares of HP Inc.
