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During the seven years following the consolidation, Berkshire operated at an overall loss, and its net worth shrunk by 37%.Meanwhile, the company closed nine plants, sometimes using the liquidation proceeds to repurchase shares. I purchased BPL’s first shares of Berkshire in December 1962, anticipating more closings and more repurchases.One of the things I really look forward to each March is Warren Buffet’s famous annual letter to Berkshire Hathaway shareholders.I appreciate Buffett as an investor (one of my largest holdings outside the Thrift Savings Plan is in BRK-B), but also as a plain-spoken advocate for sensible behavior by both the people who run financial markets, as well as the people who invest in them.I’ve broken this up into three parts: Buffett’s letter, Charlie Munger’s letter, and their report on Berkshire’s 2014 performance.As you read these below, do keep in mind that the reason they write this is to (1) sell Berkshire Hathaway stock (BRK-B for most of us) and (2) sell themselves to the owners and managers of companies which Berkshire might be interested in acquiring in the future, but otherwise enjoy the wisdom that they each have to share after 60 years in business and investing.

Buffett Chairman of the Board BERKSHIRE HATHAWAY INC.

With its fourteen plants and 10,000 employees, the merged company became the giant of New England textiles.

What the two managements viewed as a merger agreement, however, soon morphed into a suicide pact.

That was true even though the industry’s problems had long been widely understood.

Berkshire’s own Board minutes of July 29, 1954, laid out the grim facts: “The textile industry in New England started going out of business forty years ago. The trend must continue until supply and demand have been balanced.” About a year after that board meeting, Berkshire Fine Spinning Associates and Hathaway Manufacturing – both with roots in the 19 Century – joined forces, taking the name we bear today.

Buffett Chairman of the Board BERKSHIRE HATHAWAY INC.

With its fourteen plants and 10,000 employees, the merged company became the giant of New England textiles.

What the two managements viewed as a merger agreement, however, soon morphed into a suicide pact.

That was true even though the industry’s problems had long been widely understood.

Berkshire’s own Board minutes of July 29, 1954, laid out the grim facts: “The textile industry in New England started going out of business forty years ago. The trend must continue until supply and demand have been balanced.” About a year after that board meeting, Berkshire Fine Spinning Associates and Hathaway Manufacturing – both with roots in the 19 Century – joined forces, taking the name we bear today.

(Berkshire’s 1964 annual report is reproduced on pages 130-142.) For a time I got lucky: Berkshire immediately enjoyed two years of good operating conditions. In 1985, I finally threw in the towel and closed the operation.