Warren Buffett has frequently described the original purchase of Berkshire Hathaway in the 1960s as a major business mistake—not because of the company's legendary multi-decade success as a holding conglomerate, but because Berkshire was a struggling, dying New England textile mill at the time. The declining textile business ultimately forced him to pivot the enterprise into insurance and equity investing, transforming it into a historical success while jokingly calling it his most costly sentimental error.
1 votes
Marked as accepted