In 1992, Warren Buffett made a significant investment with Berkshire Hathaway's cash. He purchased 16% of General Dynamics, paying a price of $72 per share. Buffett has only ever made a handful of investments of this scale - where he has acquired more than 15% of the business without buying the operation outright.
What's even more notable about this trade is the fact that General Dynamics was, and remains, one of the largest defense contractors in the United States. It sits outside of the Oracle of Omaha's circle of competence and does not fit in with the folksy home-spun image he likes to portray.
Q2 2023 hedge fund letters, conferences and more
