What can $300K buy? A share in Buffett's conglomerate
OMAHA, Neb. (AP) — Shares of Warren Buffett's Berkshire Hathaway conglomerate have topped $300,000 for the first time.
Berkshire's Class A stock hit $300,100 Monday morning before retreating to slightly below the milestone.
Buffett has never split Berkshire's A shares, which first topped $1,000 in 1983. He did, however, create more affordable Class B shares in 1996 that reached $200 a share at Monday's peak.
As a result, Berkshire's Class A shares have long been the most expensive U.S. stock.
When Buffett's investment partnership began buying Berkshire stock in 1962, the New England textile company's shares sold for $7 and $8 apiece.
Buffett used revenue from the textile company to buy other companies such as National Indemnity insurance and See's Candy. Berkshire Hathaway today owns more than 90 companies and holds major stock investments.
All contents © copyright 2017 Associated Press. All rights reserved.