BERKSHIRE HATHAWAY INC.
Shareholder Letters
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Steadily Landlord Insurance
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We bought businesses that we thought were decent businesses at sensible prices, and we had good people to run them. But we also bought marketable securities in Berkshire. Over time, the emphasis shifted from marketable securities to buying businesses. At first we bought some stocks. Then in 1967 I bought a local insurance company for $8.7 million.