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Quote of the Day
“Jack Ringwalt, the owner of NICO, was a long-time friend who wanted to sell to me – me, personally. In no way was his offer intended for Berkshire. So why did I purchase NICO for Berkshire rather than for BPL (Buffett’s investment partnership)?
I’ve had 48 years to think about that question, and I’ve yet to come up with a good answer. I simply made a colossal mistake.”
-Warren Buffett from his 2014 letter to shareholders, in reference to his purchase of National Indemnity Company which occurred on this day in 1967.
February 22nd – This Day in Stock Market History
February 22nd, 1967 – Berkshire Hathaway purchases National Indemnity Company and National Fire and Marine Insurance Company for $8,433,850 ($8.6 million if you include the investment banking fee Buffett paid).
The purchase was Buffett’s entrance into the insurance industry.
Source: Berkshire 50th Anniversary book “Celebrating 50 years of a profitable partnership”
Best February 22nd in Dow Jones Industrial Average History
1999 – Up 2.28%, 212.73 points.
Worst February 22nd in Dow Jones Industrial Average History
1989 – Down 1.83%, 42.50 points.
Read of the Day
In 1967 Buffett was still running his investment partnerships along with Berkshire Hathaway.
Buffett’s letters to shareholders as the chairman of Berkshire Hathaway are famous, But if you have not read the letters to his investing partners from the years before he ran Berkshire, you are missing out! Here’s a good collection of them along with a few other letters.
<– Go To Previous Day: February 21st: 1947 – Polaroid demonstrates its first instant camera.
Go To Next Day: February 23rd: U.S. flag raised over Iwo Jima, Dow closes above 4,000. –>
