Buffett Letters
Mapping / Data Services

Sanborn Map Company

Sanborn Map was one of Buffett's early stock-picks during the partnership era. The company's map business was in secular decline, but it held an enormous investment portfolio worth more than the entire market cap of the company. Through shareholder activism, Buffett helped unlock this value by separating the investment portfolio from the operating business 鈥?a classic 'net-net' situation played to its conclusion.