In the early 1960s, Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) was a struggling textiles company based out of New Bedford, Massachusetts. At the time, it would have been almost unthinkable to suggest that it would eventually go on to be one of the largest and most successful companies in history.

Current CEO Warren Buffett began investing in the company in 1962 through his investment partnership. He eventually purchased a controlling stake in the business in 1965 and became its chief executive. While today's Berkshire Hathaway bears little resemblance to the textile business of old, the acquisition would prove to be the foundation upon which one of history's best-performing investment conglomerates was built.

Through his tenure as Berkshire's CEO, the Oracle of Omaha has guided the company to market-crushing returns and delivered life-changing returns for long-term shareholders. With that world-beating performance in mind, read on for a look at two Buffett-backed stocks that are worth buying and owning for the long haul. 

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Source Fool.com