Warren Buffett bet $600 million on Gillette - and ended up owning Duracell. Here's how his razor wager led to him buying the battery titan.
, noting it commanded a 60% share of the global market. Berkshire's piece of the company effectively gave it a 7% share of the world's razor-and-blade revenues, he told investors a year later.
The billionaire also explained why he preferred reliable, established companies to technology startups or smaller industrial businesses."I would rather be certain of a good result than hopeful of a great one," he said. Buffett revisited the subject during the 1998 meeting."It is a plus to have products such as Gillette has or Coke has, that have demonstrated the fact that they travel extraordinarily well around the world — people crave those products," he said.
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