Was this guy drinking when he wrote this history of BRK?
"5 Companies Owned by Berkshire Hathaway
By NATHAN REIFF Updated Jul 8, 2021
Berkshire Hathaway Inc. (BRK.B), a giant conglomerate and one of the world's largest companies, was founded by its current chair and CEO, billionaire Warren Buffett. Originally created by the 1955 merger of two New England textile manufacturers, Berkshire Hathaway was acquired by Buffett in 1965. It is now a holding company for the many acquisitions and investments Buffett has made over the decades.1 With a market capitalization of nearly $640 billion, it's one of the largest publicly traded companies in the world, and the sixth largest company in the S&P 500.2 Berkshire Hathaway's diverse group of businesses generated a total of $245.5 billion in revenue in 2020 and $42.5 billion in net earnings attributable to Berkshire Hathaway shareholders.
Buffett, regarded as one of the world's most successful investors, sold the textile business in 1985. He went on to acquire a broad range of companies in industries such as insurance, railroads, manufacturing, gas and electric utilities, and logistics.4 Buffett has said he likes to invest in companies with an "economic moat," meaning corporations that possess a sustainable competitive advantage enabling them to protect their business from rivals. For example, railroads and utilities have a moat due to the huge startup capital needed to lay railroad track or set up power lines. Some manufacturers, such as Precision Castparts (see below) have a large number of sophisticated and specific products that can be difficult to replicate, another form of a moat. Insurance is special because it involves one of Buffett's major innovations, the use of insurance float as investment capital."
"Berkshire Reports Strong Earnings, Boosted by Manufacturing and Buybacks"
Berkshire Hathaway on Saturday reported a strong 21.8% rise in operating profits in the second quarter, which were powered by its diverse manufacturing businesses.
The company repurchased $6 billion of stock in the period, as CEO Warren Buffett continued an aggressive buyback program.
The company said its total net income was $28.1 billion,...
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