What Warren Buffett learned when he bought into Baltimore
In 1966, when investors Charlie Munger and Warren Buffett bought Baltimore’s Hochschild Kohn department store, the news dutifully appeared on the financial page of The Baltimore Sun. The names Buffett and Munger were largely unknown. Buffett had just bought Berkshire Hathaway the year before. He was 35 when he acquired Hochschild’s and was just on his way to becoming one of the richest men in the world. He and his partner, on the advice of one of his New York friends related to the family that owned Hochschild Kohn & Co., purchased the store that sat on the corner of Howard and Lexington streets.