If we are not getting a good return on the textile business of Berkshire Hathaway Inc., why do we continue to operate it? Pretty much for the reasons outlined in my letter. I don’t want to liquidate a business employing 1,100 people when the Management has worked hard to improve their relative industry position, with reasonable results, and as long as the business does not require substantial additional capital investment. I have no desire to trade severe human dislocations for a few percentage points additional return per annum. Obviously, if we faced material compulsory additional investment
...more
