Jump to content

Berkshire Hathaway: Difference between revisions

m
Text replacement - "Los Angeles Times" to "Los Angeles Times"
m (Text replacement - "Reuters" to "Reuters")
m (Text replacement - "Los Angeles Times" to "Los Angeles Times")
Line 258: Line 258:
* National Indemnity Company, based in [[Omaha, Nebraska]], was founded in 1940 by Jack Dabney Ringwalt and was acquired by Berkshire for $8.6 million in March 1967 in the first acquisition by the company under Buffett's control and the company's entrance into the insurance business.<ref>{{Cite news | url=https://www.nytimes.com/2015/02/28/business/dealbook/after-50-years-oracle-of-omaha-looks-back-on-less-prescient-moves.html | last=Gelles | first=David | title=After 50 Years, Oracle of Omaha Looks Back on Less Prescient Moves | work=The New York Times | date=February 28, 2015 | issn=0362-4331 | url-access=limited}}</ref> In 2012, the company acquired [[Workers' compensation]] insurer GUARD for $221 million.<ref>{{Cite news | title=Guard Insurance sold for $221 million to Buffett Company | url=https://www.timesleader.com/archive/39139/stories-guard-insurance-sold-for-24221-million-to-buffett-company196075 | work=[[Times Leader]] | date=June 2, 2015}}</ref>  
* National Indemnity Company, based in [[Omaha, Nebraska]], was founded in 1940 by Jack Dabney Ringwalt and was acquired by Berkshire for $8.6 million in March 1967 in the first acquisition by the company under Buffett's control and the company's entrance into the insurance business.<ref>{{Cite news | url=https://www.nytimes.com/2015/02/28/business/dealbook/after-50-years-oracle-of-omaha-looks-back-on-less-prescient-moves.html | last=Gelles | first=David | title=After 50 Years, Oracle of Omaha Looks Back on Less Prescient Moves | work=The New York Times | date=February 28, 2015 | issn=0362-4331 | url-access=limited}}</ref> In 2012, the company acquired [[Workers' compensation]] insurer GUARD for $221 million.<ref>{{Cite news | title=Guard Insurance sold for $221 million to Buffett Company | url=https://www.timesleader.com/archive/39139/stories-guard-insurance-sold-for-24221-million-to-buffett-company196075 | work=[[Times Leader]] | date=June 2, 2015}}</ref>  
* NRG (Nederlandse Reassurantie Groep) was acquired by Berkshire from [[ING Group]] in December 2007.<ref>{{Cite press release| url=https://www.ing.com/Newsroom/News/Press-releases/PR/ING-to-sell-NRG-to-Berkshire-Hathaway.htm |title=ING to sell NRG to Berkshire Hathaway | publisher=[[ING Group]] | date=December 28, 2007 |archive-url=https://web.archive.org/web/20170727163324/https://www.ing.com/Newsroom/All-news/Press-releases/PR/ING-to-sell-NRG-to-Berkshire-Hathaway.htm |archive-date=July 27, 2017 |url-status=live}}</ref><ref name=start>{{cite news | url=https://www.marketwatch.com/story/berkshire-hathaway-to-buy-reinsurer-start-bond-insurer |title=Berkshire Hathaway to buy reinsurer, start bond insurer | first1=Steve | last1=Goldstein | first2=Robert | last2=Schroeder | work=[[Marketwatch]] |date=December 28, 2007 | url-access=limited |archive-url=https://web.archive.org/web/20080106131811/http://www.marketwatch.com/news/story/berkshire-hathaway-buy-reinsurer-start/story.aspx?guid=%7B0CC68C49%2D6EED%2D4A85%2D8C8C%2D51ED714E6082%7D&dist=TQP_Mod_mktwN | archive-date=January 6, 2008 | url-status=live}}</ref>
* NRG (Nederlandse Reassurantie Groep) was acquired by Berkshire from [[ING Group]] in December 2007.<ref>{{Cite press release| url=https://www.ing.com/Newsroom/News/Press-releases/PR/ING-to-sell-NRG-to-Berkshire-Hathaway.htm |title=ING to sell NRG to Berkshire Hathaway | publisher=[[ING Group]] | date=December 28, 2007 |archive-url=https://web.archive.org/web/20170727163324/https://www.ing.com/Newsroom/All-news/Press-releases/PR/ING-to-sell-NRG-to-Berkshire-Hathaway.htm |archive-date=July 27, 2017 |url-status=live}}</ref><ref name=start>{{cite news | url=https://www.marketwatch.com/story/berkshire-hathaway-to-buy-reinsurer-start-bond-insurer |title=Berkshire Hathaway to buy reinsurer, start bond insurer | first1=Steve | last1=Goldstein | first2=Robert | last2=Schroeder | work=[[Marketwatch]] |date=December 28, 2007 | url-access=limited |archive-url=https://web.archive.org/web/20080106131811/http://www.marketwatch.com/news/story/berkshire-hathaway-buy-reinsurer-start/story.aspx?guid=%7B0CC68C49%2D6EED%2D4A85%2D8C8C%2D51ED714E6082%7D&dist=TQP_Mod_mktwN | archive-date=January 6, 2008 | url-status=live}}</ref>
* [[Berkshire Hathaway Assurance]] – In December 2007, during the [[2007-2008 financial crisis]], Berkshire created a government [[bond insurance]] company to insure [[municipal bond]]s, starting with [[New York State]] bonds.<ref>{{Cite news | url=https://www.latimes.com/archives/la-xpm-2007-dec-29-fi-buffett29-story.html | title=Buffett's firm moves to insure municipal bonds | work=[[Los Angeles Times]] | date=December 29, 2007 | url-access=limited}}</ref><ref>{{Cite news | url=https://www.nytimes.com/2007/12/29/business/29buffett.html | title=A Deal Maker With a Hot Hand Opens His Wallet | first=Vikas | last=Bajaj | work=The New York Times | date=December 29, 2007 | url-access=limited}}</ref><ref name=start/>
* [[Berkshire Hathaway Assurance]] – In December 2007, during the [[2007-2008 financial crisis]], Berkshire created a government [[bond insurance]] company to insure [[municipal bond]]s, starting with [[New York State]] bonds.<ref>{{Cite news | url=https://www.latimes.com/archives/la-xpm-2007-dec-29-fi-buffett29-story.html | title=Buffett's firm moves to insure municipal bonds | work=Los Angeles Times | date=December 29, 2007 | url-access=limited}}</ref><ref>{{Cite news | url=https://www.nytimes.com/2007/12/29/business/29buffett.html | title=A Deal Maker With a Hot Hand Opens His Wallet | first=Vikas | last=Bajaj | work=The New York Times | date=December 29, 2007 | url-access=limited}}</ref><ref name=start/>
* In October 2022, Berkshire Hathaway acquired insurance company [[Alleghany Corporation]] for $11.6 billion.<ref>{{Cite press release | url=https://www.alleghany.com/about-alleghany/Press-Releases/press-release-details/2022/Berkshire-Hathaway-Completes-Acquisition-of-Alleghany-Corporation/default.aspx | title=Berkshire Hathaway Completes Acquisition of Alleghany Corporation | publisher=[[Alleghany Corporation]] | date=October 19, 2022}}</ref><ref>{{cite news |url=https://www.cnbc.com/2022/03/21/warren-buffetts-berkshire-hathaway-agrees-to-buy-insurance-company-alleghany-for-11point6-billion.html | title=Berkshire to buy insurer Alleghany for $11.6 billion in Warren Buffett's biggest deal in years | first1=Fred | last1=Imbert | first2=Yun | last2=Li | work=[[CNBC]] | date=March 21, 2022}}</ref><ref>{{Cite news | title=Berkshire's $11.6B Alleghany Deal Expands Insurance Business | url=https://www.claimsjournal.com/news/national/2022/03/22/309362.htm | work=Claims Journal | date=March 22, 2022}}</ref><ref>{{Cite news | url=https://apnews.com/article/business-warren-buffett-alleghany-corp-64fb02ee0fba01213cf2f2e67fef9bb8 | title=Berkshire's $11.6B Alleghany deal expands insurance business | first1=Michelle | last1=Chapman | first2=JOSH | last2=FUNK | work=[[Associated Press]] | date=March 21, 2022}}</ref> There was speculation a bidding war could erupt for the company.<ref>{{Cite news | last=Bary | first=Andrew | title=Why a Bidding War for Alleghany Could Erupt | url=https://www.barrons.com/articles/watch-out-warren-buffett-a-bidding-war-for-insurer-alleghany-could-erupt-51648222639 | work=[[Barron's]] | date=March 25, 2022 | url-access=limited}}</ref> An analyst suggested the company could be worth $1,000 per share, compared to the offer of $848.02 per share.<ref>{{Cite news | last=Bary | first=Andrew | title=Why the Insurer Alleghany Could Be Worth $1,000 a Share | url=https://www.barrons.com/articles/why-the-insurer-alleghany-could-be-worth-1-000-a-share-51648754456 | work=[[Barron's]] | date=March 31, 2022 | url-access=limited}}</ref> This move was touted as an example of Warren Buffett's "disdain" for investment bankers.<ref>{{Cite news | url=https://markets.businessinsider.com/news/stocks/warren-buffett-alleghany-takeover-price-berkshire-hathaway-investment-bankers-fees-2022-3 | last=Fox | first=Matthew | title=Warren Buffett's disdain for investment banking 'money-shufflers' leads to lower takeover price for Alleghany Corp. shareholders | work=[[Business Insider]] | date=March 22, 2022}}</ref>
* In October 2022, Berkshire Hathaway acquired insurance company [[Alleghany Corporation]] for $11.6 billion.<ref>{{Cite press release | url=https://www.alleghany.com/about-alleghany/Press-Releases/press-release-details/2022/Berkshire-Hathaway-Completes-Acquisition-of-Alleghany-Corporation/default.aspx | title=Berkshire Hathaway Completes Acquisition of Alleghany Corporation | publisher=[[Alleghany Corporation]] | date=October 19, 2022}}</ref><ref>{{cite news |url=https://www.cnbc.com/2022/03/21/warren-buffetts-berkshire-hathaway-agrees-to-buy-insurance-company-alleghany-for-11point6-billion.html | title=Berkshire to buy insurer Alleghany for $11.6 billion in Warren Buffett's biggest deal in years | first1=Fred | last1=Imbert | first2=Yun | last2=Li | work=[[CNBC]] | date=March 21, 2022}}</ref><ref>{{Cite news | title=Berkshire's $11.6B Alleghany Deal Expands Insurance Business | url=https://www.claimsjournal.com/news/national/2022/03/22/309362.htm | work=Claims Journal | date=March 22, 2022}}</ref><ref>{{Cite news | url=https://apnews.com/article/business-warren-buffett-alleghany-corp-64fb02ee0fba01213cf2f2e67fef9bb8 | title=Berkshire's $11.6B Alleghany deal expands insurance business | first1=Michelle | last1=Chapman | first2=JOSH | last2=FUNK | work=[[Associated Press]] | date=March 21, 2022}}</ref> There was speculation a bidding war could erupt for the company.<ref>{{Cite news | last=Bary | first=Andrew | title=Why a Bidding War for Alleghany Could Erupt | url=https://www.barrons.com/articles/watch-out-warren-buffett-a-bidding-war-for-insurer-alleghany-could-erupt-51648222639 | work=[[Barron's]] | date=March 25, 2022 | url-access=limited}}</ref> An analyst suggested the company could be worth $1,000 per share, compared to the offer of $848.02 per share.<ref>{{Cite news | last=Bary | first=Andrew | title=Why the Insurer Alleghany Could Be Worth $1,000 a Share | url=https://www.barrons.com/articles/why-the-insurer-alleghany-could-be-worth-1-000-a-share-51648754456 | work=[[Barron's]] | date=March 31, 2022 | url-access=limited}}</ref> This move was touted as an example of Warren Buffett's "disdain" for investment bankers.<ref>{{Cite news | url=https://markets.businessinsider.com/news/stocks/warren-buffett-alleghany-takeover-price-berkshire-hathaway-investment-bankers-fees-2022-3 | last=Fox | first=Matthew | title=Warren Buffett's disdain for investment banking 'money-shufflers' leads to lower takeover price for Alleghany Corp. shareholders | work=[[Business Insider]] | date=March 22, 2022}}</ref>
* In 2005, Berkshire acquired Applied Underwriters. In 2019, Applied Underwriters was to its founder for $920 million.<ref>{{cite news |title=Applied Underwriters Sold to Founder in $920M Deal | url=https://www.insurancejournal.com/news/national/2019/10/16/545668.htm | work=Insurance Journal | date=October 16, 2019 |archive-url=https://web.archive.org/web/20200123215521/https://www.insurancejournal.com/news/national/2019/10/16/545668.htm | archive-date=January 23, 2020 | url-status=live}}</ref>
* In 2005, Berkshire acquired Applied Underwriters. In 2019, Applied Underwriters was to its founder for $920 million.<ref>{{cite news |title=Applied Underwriters Sold to Founder in $920M Deal | url=https://www.insurancejournal.com/news/national/2019/10/16/545668.htm | work=Insurance Journal | date=October 16, 2019 |archive-url=https://web.archive.org/web/20200123215521/https://www.insurancejournal.com/news/national/2019/10/16/545668.htm | archive-date=January 23, 2020 | url-status=live}}</ref>
Line 277: Line 277:


[[File:FlightSafety International C-17 Globemaster III full flight simulator at Joint Base Pearl Harbor-Hickam.jpg|thumb|[[C-17 Globemaster III]] full flight simulator at [[Joint Base Pearl Harbor-Hickam]]]]
[[File:FlightSafety International C-17 Globemaster III full flight simulator at Joint Base Pearl Harbor-Hickam.jpg|thumb|[[C-17 Globemaster III]] full flight simulator at [[Joint Base Pearl Harbor-Hickam]]]]
In February 1997, Berkshire acquired FlightSafety International (FSI), a pilot training company founded in 1951 by [[Albert Lee Ueltschi]] and headquartered at [[LaGuardia Airport]] in [[Flushing, New York]].<ref>{{Cite news | url=https://aviationweek.com/berkshire-hathaway-completes-acquisition-fsi | title=BERKSHIRE HATHAWAY COMPLETES ACQUISITION OF FSI | first=GORDON A. | last=GILBERT | work=[[Aviation Week]] | date=February 1, 1997}}</ref><ref>{{cite news | url=https://www.flyingmag.com/news/albert-lee-ueltschi-father-modern-aviation-training-dies-95/ | title=Albert Lee Ueltschi, the Father of Modern Aviation Training, Dies at 95 |last=Pope |first=Stephen | work=[[Flying (magazine)|Flying]] | date=October 19, 2012}}</ref><ref>{{Cite news | url=https://www.nytimes.com/1996/10/16/business/berkshire-will-acquire-flightsafety.html | title=Berkshire Will Acquire Flightsafety | first=Charles V. | last=Bagli | work=The New York Times | date=October 16, 1996}}</ref><ref>{{Cite news | url=https://www.latimes.com/archives/la-xpm-1996-10-16-fi-54241-story.html | title=Buffett to Buy Pilot-Training Firm, in His First Big Deal of 1996 | first=TOM | last=PETRUNO | work=[[Los Angeles Times]] | date=October 16, 1996 | url-access=limited}}</ref> It supplies high technology [[pilot training]] to aircraft operators in the fields of military, governmental, corporate, and [[regional airline|regional]] or [[Mainline (aeronautics)|mainline]] flying. FlightSafety is the largest provider of professional aviation training services, with 1,800 instructors and offers more than 4,000 individual courses for 135 aircraft types, using more than 320 [[flight simulators]] to serve customers from 167 countries.
In February 1997, Berkshire acquired FlightSafety International (FSI), a pilot training company founded in 1951 by [[Albert Lee Ueltschi]] and headquartered at [[LaGuardia Airport]] in [[Flushing, New York]].<ref>{{Cite news | url=https://aviationweek.com/berkshire-hathaway-completes-acquisition-fsi | title=BERKSHIRE HATHAWAY COMPLETES ACQUISITION OF FSI | first=GORDON A. | last=GILBERT | work=[[Aviation Week]] | date=February 1, 1997}}</ref><ref>{{cite news | url=https://www.flyingmag.com/news/albert-lee-ueltschi-father-modern-aviation-training-dies-95/ | title=Albert Lee Ueltschi, the Father of Modern Aviation Training, Dies at 95 |last=Pope |first=Stephen | work=[[Flying (magazine)|Flying]] | date=October 19, 2012}}</ref><ref>{{Cite news | url=https://www.nytimes.com/1996/10/16/business/berkshire-will-acquire-flightsafety.html | title=Berkshire Will Acquire Flightsafety | first=Charles V. | last=Bagli | work=The New York Times | date=October 16, 1996}}</ref><ref>{{Cite news | url=https://www.latimes.com/archives/la-xpm-1996-10-16-fi-54241-story.html | title=Buffett to Buy Pilot-Training Firm, in His First Big Deal of 1996 | first=TOM | last=PETRUNO | work=Los Angeles Times | date=October 16, 1996 | url-access=limited}}</ref> It supplies high technology [[pilot training]] to aircraft operators in the fields of military, governmental, corporate, and [[regional airline|regional]] or [[Mainline (aeronautics)|mainline]] flying. FlightSafety is the largest provider of professional aviation training services, with 1,800 instructors and offers more than 4,000 individual courses for 135 aircraft types, using more than 320 [[flight simulators]] to serve customers from 167 countries.


In October 1997, Berkshire acquired [[Dairy Queen]], based in Edina, Minnesota, for $585 million. It franchises approximately 6,000 stores operating under the names Dairy Queen, [[Orange Julius]], and [[Karmelkorn]]. The stores offer various dairy desserts, beverages, prepared foods, blended fruit drinks, popcorn, and other snack foods.<ref>{{Cite news | url=https://www.latimes.com/archives/la-xpm-1997-oct-22-fi-45317-story.html | title=Buffett to Acquire Dairy Queen Chain for $585 Million | work=[[Los Angeles Times]] | date=October 22, 1997 | url-access=limited}}</ref><ref>{{Cite news | url=https://www.washingtonpost.com/archive/business/1997/10/22/an-investment-king-buys-dairy-queen/4dae57cb-b198-4c92-8924-4fc06a7a6c2a/ | title=AN INVESTMENT KING BUYS DAIRY QUEEN | first=Steven | last=Pearlstein | work=[[The Washington Post]] | date=October 21, 1997 | url-access=subscription}}</ref>  
In October 1997, Berkshire acquired [[Dairy Queen]], based in Edina, Minnesota, for $585 million. It franchises approximately 6,000 stores operating under the names Dairy Queen, [[Orange Julius]], and [[Karmelkorn]]. The stores offer various dairy desserts, beverages, prepared foods, blended fruit drinks, popcorn, and other snack foods.<ref>{{Cite news | url=https://www.latimes.com/archives/la-xpm-1997-oct-22-fi-45317-story.html | title=Buffett to Acquire Dairy Queen Chain for $585 Million | work=Los Angeles Times | date=October 22, 1997 | url-access=limited}}</ref><ref>{{Cite news | url=https://www.washingtonpost.com/archive/business/1997/10/22/an-investment-king-buys-dairy-queen/4dae57cb-b198-4c92-8924-4fc06a7a6c2a/ | title=AN INVESTMENT KING BUYS DAIRY QUEEN | first=Steven | last=Pearlstein | work=[[The Washington Post]] | date=October 21, 1997 | url-access=subscription}}</ref>  


In July 1998, Berkshire Hathaway acquired [[NetJets]], formerly Executive Jet Aviation, for $725 million in cash.<ref>{{cite news | url=https://money.cnn.com/1998/07/23/deals/buffett/ | title=Buffett lands jet firm | work=CNN | date=July 23, 1998}}</ref><ref>{{Cite news | url=https://www.nytimes.com/1998/07/24/business/company-news-berkshire-hathaway-to-buy-executive-jet-inc.html | title=BERKSHIRE HATHAWAY TO BUY EXECUTIVE JET INC. | agency=Reuters | work=The New York Times | date=July 24, 1998 | url-access=limited}}</ref> NetJets is the world's largest provider of [[fractional ownership]] programs for [[general aviation]] aircraft. In 1986, NetJets created the fractional ownership of aircraft concept and introduced its NetJets program in the United States with one aircraft type. In 2019, the NetJets program operated more than 10 aircraft types with a fleet size of greater than 750.<ref>{{Cite news |url=https://www.indianapolismotorspeedway.com/news-multimedia/news/2019/05/30/netjets-official-private-aviation-partner-of-indycar-2019 |title=NetJets Named as Official Private Aviation Partner of INDYCAR, IMS | work=[[Indianapolis Motor Speedway]] |date=May 30, 2019}}</ref>
In July 1998, Berkshire Hathaway acquired [[NetJets]], formerly Executive Jet Aviation, for $725 million in cash.<ref>{{cite news | url=https://money.cnn.com/1998/07/23/deals/buffett/ | title=Buffett lands jet firm | work=CNN | date=July 23, 1998}}</ref><ref>{{Cite news | url=https://www.nytimes.com/1998/07/24/business/company-news-berkshire-hathaway-to-buy-executive-jet-inc.html | title=BERKSHIRE HATHAWAY TO BUY EXECUTIVE JET INC. | agency=Reuters | work=The New York Times | date=July 24, 1998 | url-access=limited}}</ref> NetJets is the world's largest provider of [[fractional ownership]] programs for [[general aviation]] aircraft. In 1986, NetJets created the fractional ownership of aircraft concept and introduced its NetJets program in the United States with one aircraft type. In 2019, the NetJets program operated more than 10 aircraft types with a fleet size of greater than 750.<ref>{{Cite news |url=https://www.indianapolismotorspeedway.com/news-multimedia/news/2019/05/30/netjets-official-private-aviation-partner-of-indycar-2019 |title=NetJets Named as Official Private Aviation Partner of INDYCAR, IMS | work=[[Indianapolis Motor Speedway]] |date=May 30, 2019}}</ref>
Line 288: Line 288:
In October 1999, Berkshire acquired [[Jordan's Furniture]] for an estimated $200 million to $300 million.<ref>{{Cite news | url=https://www.bizjournals.com/boston/stories/1999/10/11/daily1.html | title=Berkshire Hathaway unit to acquire Jordan's Furniture | work=[[American City Business Journals]] | date=October 11, 1999}}</ref>
In October 1999, Berkshire acquired [[Jordan's Furniture]] for an estimated $200 million to $300 million.<ref>{{Cite news | url=https://www.bizjournals.com/boston/stories/1999/10/11/daily1.html | title=Berkshire Hathaway unit to acquire Jordan's Furniture | work=[[American City Business Journals]] | date=October 11, 1999}}</ref>


CORT Business Services Corporation was acquired in February 2000 by Wesco Financial Corporation, an 80.1% owned subsidiary of Berkshire and is the largest U.S. provider of rental furniture, accessories and related services in the "rent-to-rent" segment of the furniture rental industry.<ref>{{Cite news |url=https://www.latimes.com/archives/la-xpm-2000-jan-15-fi-54236-story.html |title=Wesco to Buy Furniture Renter Cort | work=[[Los Angeles Times]] |date=January 15, 2000 | url-access=limited}}</ref>
CORT Business Services Corporation was acquired in February 2000 by Wesco Financial Corporation, an 80.1% owned subsidiary of Berkshire and is the largest U.S. provider of rental furniture, accessories and related services in the "rent-to-rent" segment of the furniture rental industry.<ref>{{Cite news |url=https://www.latimes.com/archives/la-xpm-2000-jan-15-fi-54236-story.html |title=Wesco to Buy Furniture Renter Cort | work=Los Angeles Times |date=January 15, 2000 | url-access=limited}}</ref>


In May 2000, Berkshire acquired [[Ben Bridge Jeweler]], a chain of jewelry stores established in 1912 with locations primarily in the western United States.<ref>{{cite news | url=https://www.bizjournals.com/seattle/stories/2000/05/15/daily13.html | title=Warren Buffett buys Ben Bridge Jeweler | work=[[American City Business Journals]] | date=May 18, 2000}}</ref> [[Helzberg Diamonds]], a chain of jewelry stores based in Kansas City that began in 1915, was acquired Berkshire in 1995 after a chance run in between Buffett and Barnett Helzberg on a street in New York City.<ref>{{cite news | url=https://www.nytimes.com/1995/03/11/business/company-news-berkshire-hathaway-to-buy-jewelry-store-chain.html | title=BERKSHIRE HATHAWAY TO BUY JEWELRY STORE CHAIN | agency=Reuters | work=The New York Times | date=March 11, 1995 | url-access=limited}}</ref>
In May 2000, Berkshire acquired [[Ben Bridge Jeweler]], a chain of jewelry stores established in 1912 with locations primarily in the western United States.<ref>{{cite news | url=https://www.bizjournals.com/seattle/stories/2000/05/15/daily13.html | title=Warren Buffett buys Ben Bridge Jeweler | work=[[American City Business Journals]] | date=May 18, 2000}}</ref> [[Helzberg Diamonds]], a chain of jewelry stores based in Kansas City that began in 1915, was acquired Berkshire in 1995 after a chance run in between Buffett and Barnett Helzberg on a street in New York City.<ref>{{cite news | url=https://www.nytimes.com/1995/03/11/business/company-news-berkshire-hathaway-to-buy-jewelry-store-chain.html | title=BERKSHIRE HATHAWAY TO BUY JEWELRY STORE CHAIN | agency=Reuters | work=The New York Times | date=March 11, 1995 | url-access=limited}}</ref>