Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. Munger · chapter 2 · id poor-charlies-almanack-c2-03-berkshire-bought-sees-candies-

“Berkshire bought See's Candies for $25 million in 1972 when it had pre-tax earnings of approximately $4 million, and the investment has generated over $2 billion in cumulative pre-tax profits.”

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Receipts

Warren Buffett, 2014 Berkshire Hathaway Shareholder Lettersource alive

We bought See's for $25 million when its sales were $30 million and pre-tax earnings were less than $5 million. By 2014, See's had earned cumulative pre-tax profits of over $1.9 billion.

Warren Buffett, 2007 Berkshire Hathaway Shareholder Lettersource alive

Last year See's sales were $383 million and pre-tax profits were $82 million.

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