Warren Buffett：Berkshire 1985 Letter, Excerpt 1

You may remember the wildly upbeat message of last year’s report: nothing much was in the works but our experience had been that something big popped up occasionally. This carefully- crafted corporate strategy paid off in 1985. Later sections of this report discuss (a) our purchase of a major position in Capital Cities/ABC, (b) our acquisition of Scott & Fetzer, (c) our entry into a large, extended term participation in the insurance business of Fireman’s Fund, and (d) our sale of our stock in General Foods.

Source： https://www.berkshirehathaway.com/letters/1985.html
Locator：1985 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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