Handy & Harman

Handy & Harman was an American industrial company specializing in precious metals and metallurgy that was a significant common stock holding for Berkshire Hathaway in the late 1970s.

📝 The Investment

• Portfolio Concentration: Listed in the 1980 letter as a major holding with one of Berkshire's largest percentage gains.
• Position (1980): Berkshire held 2,015,000 shares with a cost of $21.8 million and a market value of $58.4 million.
• Context: The company was a dominant refiner and fabricator of silver and gold. During the precious metals boom of 1979-1980, the company's inventory value and service demand increased, contributing to the significant market appreciation of its shares.

🔗 Connections

• Company: Kaiser Aluminum and Chemical Corporation (Industrial peer)
• Source: 1980 Letter