Buffett Hopes His Second Gas Station Bet Works Out Better Than His First
Berkshire Hathaway (NYSE: BRK-A)(NYSE: BRK-B) is buying a stake in Pilot Flying J, putting Warren Buffett back into a business he first entered unsuccessfully 66 years ago, when he bought half-interest in a Sinclair service station in his hometown of Omaha, Nebraska.
Buffett later called the Sinclair station a "$6 billion mistake" in 1998, referring to the opportunity cost of tying up roughly 20% of his net worth in an unprofitable investment at the age of 21.
Berkshire Hathaway opens its investment into the privately held truck stop/travel center chain as a minority partner, with only a 38.6% stake, but will expand that to about 80% ownership in 2023.
Source: Fool.com
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