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Berkshire Class A shares top $200,000

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Warren Buffett's Berkshire shares have made him a very wealthy man.

NATI HARNIK / THE ASSOCIATED PRESS FILES Enlarge Image

Warren Buffett's Berkshire shares have made him a very wealthy man.

OMAHA, Neb. -- Naysayers have been calling shares of Warren Buffett's company overpriced for decades.

But Berkshire Hathaway Class A stock, which first topped $1,000 in 1983, on Thursday surpassed $200,000.

"Everybody has now been proven wrong on it," said Andy Kilpatrick, who wrote Of Permanent Value: The Story of Warren Buffett.

Berkshire has long had the most expensive U.S. stock. Buffett never split Berkshire's A shares, although he did create more affordable Class B shares in 1996 that now sell for nearly $135.

The stock has had its ups and downs. The Class A shares first hit six figures in October 2006 and peaked at $151,650 in December 2007, when the Great Recession began. They fell as low as $70,050 in March 2009.

On Thursday, they reached an all-time high of $202,454.99.

Berkshire Hathaway has come a long way since Buffett's investment partnership started buying shares for $7 and $8 apiece in 1962. At that point, Berkshire was a New England textile company.

After 1969, Berkshire became Buffett's investment vehicle, and he used revenue from the textile firm to begin buying other companies such as National Indemnity insurance and See's Candy.

Buffett, who is turning 84 later this month, has amassed a fortune worth more than $65 billion from his Berkshire shares.

 

-- The Associated Press

Republished from the Winnipeg Free Press print edition August 15, 2014 B16

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