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ByApril1965,BPLowned392,633shares(outof1,017,547thenoutstanding)andatanearly-Mayboardmeetingweformallytookcontrolofthecompany.ThroughSeabury’sandmychildishbehavior–afterall,whatwasaneighthofapointtoeitherofus?–helosthisjob,andIfoundmyselfwithmorethan25%ofBPL’scapitalinvestedinaterriblebusinessaboutwhichIknewverylittle.Ibecamethedogwhocaughtthecar.BecauseofBerkshire’soperatinglossesandsharerepurchases,itsnetworthattheendoffiscal1964hadfallento$22millionfrom$55millionatthetimeofthe1955merger.Thefull$22millionwasrequiredbythetextileoperation:Thecompanyhadnoexcesscashandoweditsbank$2.5million.(Berkshire’s1964annualreportisreproducedonpages130-142.)ForatimeIgotlucky:Berkshireimmediatelyenjoyedtwoyearsofgoodoperatingconditions.Betteryet,itsearningsinthoseyearswerefreeofincometaxbecauseitpossessedalargelosscarry-forwardthathadarisenfromthedisastrousresultsinearlieryears.Thenthehoneymoonended.Duringthe18yearsfollowing1966,westruggledunremittinglywiththetextilebusiness,alltonoavail.Butstubbornness–stupidity?–hasitslimits.In1985,Ifinallythrewinthetowelandclosedtheoperation.