Becoming Berkshire: 1969 - Illinois National Bank
Issue 14 - Part 2| Buffett Buys a Bank
By 1969, Buffett and Munger started to doubt Hochschild-Kohn's economics and were looking for a way to sell the business.
Gottesman, Munger, and Buffett acquired Hochschild-Kohn, a venerable department store headquartered in downtown Baltimore, for $12 million in 1966.
"Retail is a very tough business," says Charlie Munger. "Practically every great chai…
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