This abrupt series of dramatic actions stunned Wall Street and led to a meteoric rise in General Dynamics’ stock price. It also attracted Warren Buffett’s attention. Buffett saw that under Anders’s leadership, the company was divesting assets and focusing on an innovative, shareholder-friendly capital allocation strategy, and in 1992 he bought 16 percent of General Dynamics’ stock at an average price of $72 per share. Remarkably, he also gave Anders, whom he had only met once, the proxy to vote Berkshire’s shares, a position that aided Anders in implementing his strategy.
