Buffett's Blunders: Hochschild Kohn & Co. The Cigar Butt that Burned Buffett

Second video in my Buffett's Blunders series. Tried to improve the presentation and editing a bit and took in some feedback from the last post.

This one is on Hochschild Kohn, the first business he bought with Charlie Munger and a stock that taught him that cigar butts aren't all Ben Graham built them up to be, and unlocking book value is much messier when you own the company and need to do it yourself. This cigar butt burned him but made him more open to new ways of thinking that would change his career eventually.