[missedthecue]

Buffett wasn't liquidating textile mills. What would happen is that all the publicly traded New England textile companies themselves would close down unprofitable mill locations to stay alive and would use the resulting cash from liquidating the real estate to do a tender offer. Buffett simply bought the shares and waited for the next tender offer to happen.

When Buffett eventually did take control of the Berkshire, he poured tons of money into it to try to keep it alive, and eventually lost every dollar he invested. He didn't make the decision to shut down the last mill until 1985! That was 20 years after taking control. Throwing all that good money after bad to try keeping it afloat is why he called it a 'monumentally stupid decision'.