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Berkshire Hathaway Part I
Acquired
National Indemnity Is a Good Pick Up for Buffet
He's got all these policy holders lending him money for free in a non delutive way. It's not really equity, it's just free cash that he gets to play with. He has this margin of safety weelik even if he doesn't make great investments. So no wonder he becomes the best investor of all time.
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