Top headlines from India: June 17

• Buffett took control of Berkshire Hathaway in 1965 when it was still a struggling textile company.
• The company has grown into a conglomerate valued at more than $1 trillion, spanning insurance, railroads, energy and other businesses.
• Berkshire shareholders enjoyed a compounded annual return of nearly 20 per cent during Buffett's tenure.

When Warren Buffett took control of Berkshire Hathaway in 1965, he was buying into a struggling textile company. Six decades later, the business has become a sprawling conglomerate worth more than $1 trillion, with operations stretching from insurance and railroads to energy, manufacturing, retail and investments.

That transformation is the clearest measure of what Buffett actually did at Berkshire. He did not simply build a successful investment portfolio. He turned the company into a collection of businesses that could generate cash, reinvest it and help fund the next acquisition.