B000U5KFIC EBOK (53 page)

Berkshire's equity interest in Blue Chip Stamps was increased to
36.5 percent at the end of the year.

Berkshire invested $10.9 million in Capital Cities Communications.

Berkshire's stake in Blue Chip Stamps increased to 58 percent, requiring that the company be fully consolidated into the balance
sheet and statement of earnings of Berkshire.

Berkshire Hathaway textile mills were permanently closed.

Buffett and Munger acquired Scott & Fetzer, parent of World Book
Encyclopedia, Kirby vacuum cleaners and other companies, for $315
million, virtually snatching it from the hands of Ivan Boesky.

Berkshire Hathaway invested $1.3 billion in three companies,
Gillette, USAir and Champion International. Munger negotiated Berkshire's investment in Gillette. In July, Berkshire bought $600 million
in preferred stock, which later was converted into 11 percent of
Gillette's common.

Berkshire bought Borsheim's Jewelry Store in Omaha from the
Blumkin family, who also founded the Nebraska Furniture Mart.

Munger's sister Mary died from Parkinson's Disease.

Mutual Savings and Loan Association was liquidated.

In January, Munger and Buffett joined the board of troubled U.S.
Airways.

Dexter Shoe was acquired by Berkshire for $420 million in stock.