Warren Buffett’s Biggest Bet | The Buffett Brand | 4

Business Movers

Wondery

History, Business, Entrepreneurship

4.8 • 1.5K Ratings

🗓️ 24 March 2022

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Warren Buffett battles Seabury Stanton for control of Berkshire Hathaway, a struggling textile company. Warren wins the battle, but finds himself saddled with a failing business that he can’t unload. In order to turn things around, Warren will have to transform Berkshire into an entirely different company.

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Transcript

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0:00.0	Hey, prime members, you can listen to business movers add free on Amazon music, download the app today.
0:07.0	To listen to business movers one week early and add free, join Wondry Plus in the Wondry app.
0:13.0	Download the Wondry app in your Apple or Google Play mobile app store today.
0:31.0	It's early 1965 at Berkshire Hathaway Headquarters in New Bedford, Massachusetts.
0:37.0	Warren Buffett trundles up a long staircase on his way to meet with company's aging president, Seabury Stanton.
0:43.0	Warren is frustrated.
0:45.0	He bought thousands of shares in Berkshire Hathaway, a failing textile company.
0:50.0	His plan was to take it over, sell off its assets, and walk away with the profit.
0:54.0	But Stanton has been thwarting Warren's plans by buying stock back from his shareholders in order to maintain control.
1:01.0	But Warren doesn't want to fight it out with Stanton. Warren now just wants to walk away.
1:07.0	As he steps into Stanton's office, Warren is eager to put Berkshire Hathaway and Seabury Stanton behind him.
1:14.0	Welcome to New Bedford, Mr. Buffett. Thanks for meeting with me, Mr. Stanton.
1:18.0	I wanted to talk to the man who's trying to take my company away from me.
1:22.0	That is what you're doing, isn't it? Well, once upon a time, yes.
1:26.0	Now, I'm here to see if we can help each other.
1:29.0	Stanton waves his hand toward the window and the view of New Bedford outside.
1:33.0	Look out there. What do you think of our little town, Warren?
1:36.0	It's beautiful. My family's been here for generations.
1:39.0	Our mills are part of the region's landscape. It's history.
1:43.0	Did you think I was going to sit by and let you take all of that?
1:46.0	Well, the fact that you're buying back stock despite me makes it pretty clear you're not.
1:51.0	No, you won't get control of my business.
	...

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