Now, that sounds like a great little morality table— tale at this point. But the truthis I had now committed a major amount of money to a terrible business. AndBerkshire Hathaway became the base for everything pretty much that I've donesince. So in 1967, when a good insurance company came along, I bought it for Berkshire Hathaway. I really should— should have bought it for a new entity.Because Berkshire Hathaway was carrying this anchor, all these textile assets.So initially, it was all textile assets that weren't any good. And then, gradually,we built more things on to it. But always, we were carrying this anchor. And for 20 years, I fought the textile business before I gave up. As instead of putting thatmoney into the textile business originally, we just started out with the insurancecompany, Berkshire would be worth twice as much as it is now. So—
Twice as much?
Yeah. This is $200 billion. You can— you can figure that— comesabout. Because the genius here thought he could run a textile business.(LAUGHTER)
Why $200 billion?
Well, because if you look at taking that same money that I put intothe textile business and just putting it into the insurance business, and startingfrom there, we would have had a company that— because all of this money wasa drag. I mean, we had to— a net worth of $20 million. And Berkshire Hathawaywas earning nothing, year after year after year after year. And— so there youhave it, the story of— a $200 billion— incidentally, if you come back in ten years,I may have one that's even worse. (LAUGHTER)
If you— if you had to look at a moral for that story, though, is it don't cutoff your nose to spite your face?