See’s Candy, a simple chocolate manufacturer, was a transformative acquisition for Warren Buffett. Through the company, Buffett and his long-time partner, Charlie Munger, gained lessons that have shaped the fortunes of their investment conglomerate, Berkshire Hathaway, for the better. Here’s Buffett, from Berkshire’s 2014 shareholder’s letter:

“The year 1972 was a turning point for Berkshire (though not without occasional backsliding on my part – remember my 1975 purchase of Waumbec). We had the opportunity then to buy See’s Candy for Blue Chip Stamps, a company in which Charlie, I and Berkshire had major stakes, and which was later merged into Berkshire. See’s was a legendary West Coast manufacturer and retailer of boxed chocolates, then annually earning about [US]$4 million pre-tax while utilizing only [US]$8 million of net tangible assets. Moreover, the company had a huge asset that did not appear on its balance sheet: a broad and durable competitive advantage that gave it