In Episode 3 of Becoming Berkshire, we enter 1963, the year Buffett’s partnership letter and Berkshire Hathaway’s annual report start to feel like two parts of the same story.

Buffett was still running the Buffett Partnership, but Berkshire Hathaway was now in the picture.

The partnership letter shows Buffett’s investing playbook: generals, workouts, and controls. The annual report shows the struggling textile company he was buying.

One document shows the investor.

The other shows the problem.

This episode looks at the early Berkshire story before insurance, float, See’s Candies, GEICO, Apple, and the modern Berkshire Hathaway.