Warren Buffett, Charlie Munger, Harry Bottle and Dempster Mill

In the mid-1950s, Warren Buffett started buying shares in a net-net opportunity called Dempster Mill for his investment partnerships. In his 1961 letter to partners, Buffett described the company as "a manufacturer of farm implements and water systems with sales in 1961 of about $9 million."

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He went on to explain that the company had "only produced nominal profits in relation to invested capital," during recent years, which, according to the young investor's letter was due to "a poor management situation, along with a fairly tough industry situation."

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