Buffett launched Buffett Associates Limited in 1956 on his return to Omaha. By 1962 Buffett was already a millionaire and went on to enter into a collaboration with Charlie Munger. This partnership resulted in the two of them developing an investment philosophy based on Buffett’s broader view of value investing. They purchased Berkshire Hathaway, a struggling textile mill on this journey and what looked like a classic Graham style value move actually turned into a long term investment when the business showed signs of improvement. They used the cash flow from the improving textile business to finance further investments with the original business surpassing the other holdings. Buffett closed the business in 1985 but chose to keep the now famous name.