
The Essays of Warren Buffet
Mindware
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How to Buy a New Subsidiary at Berkshire
Berkshire would buy new subsidiaries with cash, not newly issued stock. Buffett wanted continuous maximization of the rationality and devotion of most important people in the system starting with himself. No other large corporation I know has half of such elements in place. Good luck and a weirdly intense, contagious devotion of some shareholders were also factors.
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