Becoming Berkshire is a year-by-year journey through the history of Berkshire Hathaway, Warren Buffett, Charlie Munger, and the ideas that shaped one of the greatest compounding stories in business history.
The story begins on December 12, 1962, when Buffett Partnership began buying shares of a struggling textile company in New Bedford, Massachusetts, for $7.50 per share. From there, we follow the people, investments, mistakes, letters, deals, and lessons that transformed Berkshire Hathaway into a business legend.
Episode 8 (1966): Hochschild-Kohn: Buffett and Munger’s First Investment Together
In 1966, Warren Buffett, Charlie Munger, and Sandy Gottesman joined forces to purchase Hochschild-Kohn, a respected Baltimore department-store chain, for approximately $12 million.
In this episode, we explore the history of Hochschild-Kohn, its expansion from downtown Baltimore into the suburbs, and why the company initially appeared to be another classic Buffett bargain. We also examine the enormous changes reshaping American retail after World War II, including suburbanization, rising car ownership, the disappearance of streetcars, and the emergence of regional shopping malls.
Buffett and Munger believed they were purchasing a second-class department store at a third-class price. Instead, they acquired an aging retailer whose competitive position was being attacked from every direction. Just three years later, they sold the business.
Hochschild-Kohn became an important early lesson in the difference between buying a business simply because it appears cheap and buying a wonderful company with a durable competitive advantage.
4 Sept 2026
Episode 7: Buffett vs. the Go-Go Years
In Episode 7, we travel back to 1966, when semiconductor stocks were booming, the Dow crossed 1,000 for the first time, and Buffett was struggling to find investments he could understand at attractive prices.
We explore the rise and fall of Fairchild Semiconductor, the go-go years of the 1960s, Buffett’s refusal to chase “fashionable” stocks, and why being right about the future of an industry does not mean knowing which company will win. We also look at Berkshire Hathaway’s struggling textile operations, its return to profitability, and the shrinking share count that helped increase book value per share.
6 Aug 2026
Episode 6: Episode 6: The 1965 Buffett Partnership Letter ; The 12½-Cent Takeover
In Episode 6, I revisit Warren Buffett’s 1965 partnership letter and the year he took control of Berkshire Hathaway.
What began as a cheap cigar-butt investment became personal after Seabury Stanton offered Buffett 12½ cents less per share than they had agreed upon. Buffett responded by buying more stock, taking control of the company, removing Stanton, and placing Ken Chace in charge.
I also explore Buffett’s evolving views on control, valuation, diversification, and his willingness to concentrate heavily in his best investment ideas.
It was one of the worst investments Buffett ever made, and the beginning of Berkshire Hathaway as we know it today.
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