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Berkshire Hathaway's Unique Position
This chapter discusses the unique position of Berkshire Hathaway in terms of its ability to retain earnings and compound them over a long period of time. It highlights the diverse earnings streams outside of insurance that Berkshire has, which allows the company to have no limits on what it can do. The chapter also explores the concept of underwriting leverage and how Berkshire has been relatively safe in terms of leverage over its history.