Franklin Otis Booth Jr.

Overview

Franklin Otis Booth Jr. was an American businessman and investor, best known for his significant contributions to the Los Angeles Times and his early investment in Berkshire Hathaway. As a great-grandson of Harrison Gray Otis, the founder of the Times Mirror Company, Booth held various positions within the organization, including overseeing the newspaper's printing operations in the 1950s and serving as corporate vice president in charge of forest products and commercial printing in 1968. His tenure at the Times overlapped with that of his second cousin, Otis Chandler, the publisher from 1960 to 1980. In the early 1960s, Booth partnered with Charles Munger, who later became vice chairman of Berkshire Hathaway, on real estate ventures in Pasadena, achieving substantial returns. This partnership led to Booth's introduction to Warren Buffett in 1963, resulting in a $1 million investment in Berkshire Hathaway. This stake grew to a 1.4% ownership, making Booth a billionaire and one of the company's largest investors. Beyond his media and financial endeavors, Booth was an avid outdoorsman, enjoying activities such as surfing, fishing, and hunting. He also had a passion for agriculture, particularly citrus farming, and expanded his family's orange groves into one of the largest independent orange growers in California. Booth's legacy is marked by his strategic investments and his contributions to both the media industry and the agricultural sector. His prudent financial decisions and commitment to his family's heritage have left a lasting impact on the industries he was involved in, reflecting a blend of business acumen and personal passion that defined his career and personal life.

Investment Focus

• Long-term commitment
• Active involvement in management
• Alignment with family values and legacy

Portfolio Companies