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Warren Buffett still cites See's Candies as an acquisition he loves, 48 years after buying it

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Berkshire acquired See’s Candies in 1972 for US$25 million. YFBuffett

During Berkshire Hathaway’s 2020 annual shareholder meeting on Saturday evening, CEO Warren Buffett fielded a question about which of Berkshire’s subsidiaries have been hardest-hit by coronavirus.

But Abel did come up with an example of a Berkshire-owned business temporarily shuttered shuttered by coronavirus: See’s Candies, which Berkshire acquired in 1972 for $25 million. Buffett mentions See’s most years, in either his shareholder letters or at the annual meeting, so its small size belies the company’s personal significance to him. As Buffett told Fortune in 2012, “We have made a lot more money out of See’s than shows from the earnings of See’s, just by the fact that it’s educated me, and I’m sure it’s educated Charlie, too.”

 

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