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Buffett established Berkshire Hathaway as his investment vehicle from "summary" of The Snowball by Alice Schroeder
Warren Buffett transformed a failing textile company into his personal investment vehicle. He wanted to use it as a way to accumulate wealth over time. He renamed the company Berkshire Hathaway, after a textile manufacturing company in New Bedford, Massachusetts. The original Berkshire Hathaway was a firm that made textiles, but Buffett saw it as an opportunity to engage in more profitable ventures. Buffett gradually shifted Berkshire Hathaway's focus from textiles to insurance and other investments. He realized that the textile industry was not a profitable one, and he wanted to diversify the company's portfolio. He used the capital generated by the textile business to acquire other companies and investments. Berkshire Hathaway became...
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