What Happened? On this day in 1965, Warren Buffett took control of
Berkshire Hathaway, Inc. (NYSE: BRK-A)(NYSE: BRK-B).
Where The Market Was: The Dow finished the day at 931.47. The S&P 500 traded at 89.66.
What Else Was Going On In The World? In 1965, the construction of the St. Louis Gateway Arch was completed. The 1965 Voting Rights Act guaranteed the right to vote for African Americans. A gallon of gasoline cost 31 cents.
Buffett Takes The Reins: Ironically, in 1964, Warren Buffett intended to sell his 7% stake in Berkshire Hathaway, which was at that time a failing textile company. Buffett had even reached a verbal agreement with Berkshire president Seabury Stanton to sell his Berkshire shares at a price of $11.50.