In the late 1950s, the industry was again in decline, facing low-cost competition from elsewhere in the United States and abroad.
Stanton managed the company as president and his son Jack served as treasurer.
In 1962, Warren Buffett began buying shares of Berkshire because he thought the company was selling at a discount to its actual value after noticing a pattern in the price direction of its stock whenever the company closed a mill.
Eventually Buffett acknowledged that the textile business was waning and the company's financial situation was not going to improve.
[2] Instead of selling at the slightly lower price, Buffett bought more of the stock to take control of the company and fire Stanton.