Warren Buffett became Berkshire Hathaway’s chief executive in 1965.
Buffett acquired control of the struggling textile company and gradually transformed it into a diversified holding company. Instead of relying mainly on textile manufacturing, Berkshire used insurance subsidiaries and investment income to acquire businesses and hold shares in large public companies. Its insurance operations, especially those linked to GEICO and reinsurance, became central to the group’s financial model.
Charlie Munger was Buffett’s longtime business partner and Berkshire vice chairman, but he was not the company’s chief executive. Buffett became famous for his annual shareholder letters and Berkshire’s annual meeting in Omaha, Nebraska. The company’s unusual share price and decentralized operating structure are also notable. Berkshire is sometimes described as an investment fund, but it is a publicly traded holding company that owns operating businesses as well as marketable securities.