Buffett's Berkshire Hathaway rose 0.75% last night, with a market value of more than $1 trillion, which is comparable to the total market value of Bitcoin. So far in 2024, the stock has risen more than 29%, exceeding the 17% increase of the S&P 500 and comparable to Bitcoin's 31% increase over the same period.
Berkshire Hathaway's history originated from its predecessor company, a textile mill in New Bedford, Massachusetts, dating back to 1849. In 1965, Warren Buffett took control of the company when it was still a poorly managed textile business. Buffett originally planned to profit from stock buybacks when the business went bankrupt, but management's flip-flops prompted him to buy a large number of shares and eventually control the company.
After Buffett took over, Berkshire Hathaway gradually transformed from a textile company to a diversified holding company. In 1967, Buffett purchased National Indemnity Company, a small insurance company in Omaha, through Berkshire Hathaway, marking the company's entry into the insurance industry. In 1972, Berkshire Hathaway acquired See's Candies for $25 million, which was a key point in Buffett's investment philosophy transformation from looking for bargains to buying quality companies.
Berkshire Hathaway's business has gradually expanded to insurance, railways, energy, food and beverages, clothing and finance. Buffett has developed the company into one of the most successful investment institutions in history with his unique investment strategy and business insight. The company's core business is insurance, including property, casualty, reinsurance and special insurance.
Buffett's investment philosophy and management style, as well as the careful creation of corporate culture, have laid the foundation for Berkshire Hathaway's long-term success. In 2018, Berkshire Hathaway ranked 10th on the Fortune Global 500 list and ranked first in profit among the top ten companies in the Fortune 500.
