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In a second letter, Buffett announced his first investment in a private business — Hochschild, Kohn and Co, a privately owned Baltimore division store. In 1967, Berkshire paid out its first and solely dividend of 10 cents. In 1969, Buffett liquidated the partnership and transferred their assets to his companions together with shares of Berkshire Hathaway. In 1970, Buffett started writing his now-famous annual letters to shareholders. He lived solely on his wage of $50,000 per yr and his outdoors investment revenue.

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