Warren Buffett once called Berkshire Hathaway the ‘dumbest’ stock he ever bought—after 60 years, he’s stepped down with a $145 billion net worth

Warren Buffett, the renowned billionaire investor, once referred to Berkshire Hathaway as the "dumbest" stock he ever purchased, despite amassing a net worth of $145 billion from his stake in the conglomerate. Buffett took control of Berkshire in 1965 and led the company for 60 years until stepping down as CEO and chairman at the end of 2025.

However, his initial decision to invest in the struggling textile company was met with skepticism. In 1962, Buffett bought the stock at a low price, intending to sell it back to the company when it repurchased shares. When Berkshire's CEO, Seabury Stanton, offered $11.375 per share instead of the agreed-upon $11.50, Buffett was angered and began acquiring the stock to gain control of the company.

At the time, Buffett viewed the textile business as a poor investment, a sentiment he still holds today. Despite the setback, Berkshire Hathaway became the backbone of Buffett's fortune, acquiring a diverse range of businesses, including insurance, railroads, utilities, energy, manufacturing, and retail. Consequently, Berkshire's stock grew more than 5.5 million percent from 1965 to 2024, and its market capitalization now stands at approximately $1.1 trillion.

Buffett, known for his modest lifestyle, has pledged to donate over 99% of his wealth to charity through the Giving Pledge.