1969: Illinois National Bank
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1969: Illinois National Bank
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In 1969, Warren Buffett and Charlie Munger redirected their capital away from stripped-down sectors like textiles and retail—seeking businesses with resilience, reliable cash flow, and fulfillment of Berkshire’s long-term vision. That quest led them to the Illinois National Bank of Rockford, run by Eugene Abegg—a vivid character who carried large sums in cash, rented safe deposit boxes at cocktail parties, and even printed his own currency.
This episode explores:
The backstory behind the acquisition and purchase price dynamics
The bank’s financial health: assets, equity, ROE, and ROA
How this marked a strategic pivot for Buffett—away from failing textiles and toward cash-generating, float-rich enterprises like banking and insurance
Read the full issue here: https://open.substack.com/pub/theweekendinvestor/p/becoming-berkshire-1969-part-2-illinois?r=21sroa&utm_campaign=post&utm_medium=web&showWelcomeOnShare=false