{
  "id": 8263577,
  "title": "From failing textile mill to trillion-dollar empire: The bets that made Warren Buffett a legend",
  "url": "https://urgent.news/2026/09/18/from-failing-textile-mill-to-trillion-dollar-empire-the-bets-that",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-18T14:55:50.000Z",
  "source": {
    "name": "Straits Times Business",
    "slug": "straits-times-business",
    "url": "https://www.straitstimes.com/business/companies-markets/from-failing-mill-to-trillion-dollar-empire-the-bets-that-made-warren-buffett-a-legend"
  },
  "original_language": "en",
  "account": "Warren Buffett, the legendary investor and former CEO of Berkshire Hathaway, has stepped down from his executive duties at the conglomerate he helped build. At the age of 96, Buffett is now serving as chairman emeritus, a title that does not carry decision-making responsibilities. He will continue to be a part of the board, offering his insights and perspectives.\n\nBuffett's journey with Berkshire began when he took over a struggling New England textile company. The textile business eventually shut down in 1985 after two decades of unsuccessful attempts to revive it. However, Berkshire's fortune changed when it acquired National Indemnity, a strategic move that laid the foundation for the financial engine of the company. This acquisition provided Berkshire with a growing pool of capital from insurance premiums that could be used to invest.\n\nOne of the most notable investments under Buffett's leadership was his early foray into Coca-Cola in 1988. This investment has remained one of Berkshire's largest holdings to date. By 1989, Buffett was also heavily investing in Gillette, favoring simple businesses that were easy to understand. In 1989, he took interim control of Salomon Brothers after a trading scandal threatened the bank's existence, risking Berkshire's US$700 million investment.\n\nBerkshire expanded its presence in insurance between 1996 and 1998, taking full ownership of GEICO and purchasing General Re. This strategic shift made insurance a cornerstone of Berkshire's investment portfolio. In 1999, Buffett entered the utilities sector after taking control of MidAmerican Energy, which was later renamed Berkshire Hathaway Energy.\n\nBuffett has made significant philanthropic contributions since pledging to donate nearly all of his Berkshire stock to charitable foundations. His donations have totaled more than US$47 billion to the Gates Foundation and over US$17 billion to four family charities. Berkshire also injected US$5 billion into Goldman Sachs during the global financial crisis in 2008 and made another US$5 billion investment in Bank of America in 2011. These investments have proven profitable, with Berkshire making an US$11.5 billion profit on the Bank of America investment in 2017, not including dividend payouts.\n\nIn 2010, Berkshire made a monumental acquisition, purchasing the railroad Burlington Northern Santa Fe for US$26.4 billion. Buffett's investment portfolio has continued to grow, with Berkshire accumulating Apple, initially taking a stake worth roughly US$1 billion. As of 2025, Apple became Berkshire's largest holding. After retiring as CEO, Buffett passed the reins to Greg Abel, marking the end of a remarkable tenure in which Berkshire returned over 6,100,000 percent since its inception in 1965.",
  "summary": "He built one of the world’s largest conglomerates with bold bets, big rescues and Apple stocks.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}