Look at this even though they bought businesses cheap , but the economics. Of these businesses were bad and it is hard for anyone to make them profitable.
"Charlie Munger , Berkshire Hathaway vice chairman has said: “Hochschild Kohn, the department store chain, was bought at a discount to book and liquidating value. It didn’t work [as an investment.]” For Buffett, buying Berkshire Hathaway itself can arguably be put into the mistake category. The New England textile mill, when bought in the 1960s, was a lousy business that wasn’t worth putting any new capital into since it would never generate more return on capital investment than alternative investments available to Buffett."
putting good money after bad is dangerous !!