Berkshire Shareholder Letter!
The Young Investors Podcast
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Conglomerates, a Negative Connotation
buffet writes, overtime, conglomerates have generally limited themselves to buying businesses in their entirety. That strategy, however, ame with two major problems. One was unsolvable. Most of the truly great businesses had no interest in having anyone take them over. Aspiring conglomerators knew the answer to this over payment problem. They simply needed to manufacture a vastly overvalued stock of their own so they could use that as a currency for these price acquisitions.
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