A Millionaire

In 1962, Buffett became a millionaire, because of Buffett's partnerships, which in January 1962, had in excess of $7,178,500, of which over $1,025,000 belonged to Buffett.

Buffett merged all his partnerships into one partnership. 

Buffett discovered a textile manufacturing firm, Berkshire Hathaway and Buffett's partnerships began purchasing shares at $7.60 per share.

In 1965, when Buffett's partnerships paid $14.86 per share while the company had working capital (current assets minus current liabilities) of $19 per share. 

This did not include the value of fixed assets (factory and equipment).

Buffett took control of Berkshire Hathaway at the board meeting and named a new president, Ken Chace, to run the company. In 1966, Buffett closed the partnership to new money. 

In a second letter, Buffett announced his first investment in a private business — Hochschild, Kohn and Co, a privately owned Baltimore department store.

In 1967, Berkshire paid out its first and only dividend of 10 cents. 

In 1969, following his most successful year, Buffett liquidated the partnership and transferred their assets to his partners. Among the assets paid out were shares of Berkshire Hathaway.

In 1970, as chairman of Berkshire Hathaway, Buffett began writing his now-famous annual letters to shareholders.