Adam J. Mead
@BRK_Student
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7K
Following
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Practicing capital allocator: https://t.co/MgKsXLhjmS; Author of book on $BRKA $BRKB $BRK (https://t.co/bxZUjSa83a); https://t.co/T9dw4a1tby Not investment advice
Derry, NH
Joined May 2018
I’m very excited to announce my work of the past five years is now available for pre-sale on Amazon! One guess as to the topic…yes, Berkshire Hathaway. But not just another Buffett/Berkshire book. This is the first to take a comprehensive financial approach to.
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They'll say when I die, "How much did Charlie leave?" And the answer will be, "I believe he left it all.". Charlie, you indeed left everything on the field of life. Forever my hero and intellectual grandfather. Grateful we shared a small piece of this life together. DJCO 2016
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Berkshire released its Q3 earnings this morning. Here's what to know. $BRKA $BRKB $BRK
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Buffett's 2022 annual letter is out, and it didn't disappoint. Here are my highlights. First, we have this teal color for the cover. We have to go back to 1990 to find the last report of this shade. Who picks the color? Warren? @Benjamin_Moore ?
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BNSF Railway CEO, Katie Farmer and me. Katie is the first female leader of a Class I Railway. Berkshire purchased BNSF for $44.5 billion (including debt) in 2010. It's paid Berkshire $45 billion in dividends since then. $BRKA $BRKB
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For the first time EVER, $BRKA $BRKB will broadcast the annual meeting movie. I'd be willing to bet all my BRK shares that it features a tear-jerker tribute to Charlie. This is going to be a memorable year.
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It's official! Warren Buffett has chosen The Complete Financial History of Berkshire Hathaway to be among the few titles available at the BRK annual meeting later this month. I'll be there Fri/Sat. Stop by and say hello!. @harrimanhouse. $BRK $BRKA $BRKB
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Sold out in five hours yesterday. Thanks everyone! It was great meeting you and learning where you're from and seeing faces, shaking hands. It's been a great weekend. @harrimanhouse . $BRKA $BRKB
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Serendipity strikes in Omaha! My tenth year out here and I still feel like a first-timer. This is a very special place. $BRKA $BRKB
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Best books to learn accounting for the new value investor? Textbooks or otherwise.
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Return on capital drives everything. A 20% ROIC company can pay you 10% AND grow at 10%. Another related thought: Growth doesn't just happen, it has to be "paid for".
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BNSF has now paid $BRKA $BRKB over $50 billion since purchasing it in 2010.
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Some initial thoughts on the #berkshirehathaway annual report. Random fact, the cover is black for the first time since 2005. Prior to that, 1988 featured a black cover with some funky neon blue. $BRK $BRKA $BRKB #warrenbuffett #charliemunger
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"You don't get paid for activity. You get paid for being right." . #warrenbuffett 1998 $BRK meeting.
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I find it ironic that tech can't figure out how to handle the stock price of $BRKA.
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Have to say I'm loving It's like ValueLine for free. @roic_ai . P.S. Any aggregates industry experts out there? They seem like rock solid businesses. get it, "rock" solid. anyway that's my pun of the day.
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Is this the Onion or FT?. "Buffett’s successors could even start a hedge fund to invest “float” gains and charge shareholders “2 and 20” management and performance fees so as to avoid the hassle of owning railroads and random manufacturers.".
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By my math Alleghany $Y has $13.1 billion of float. That means $BRKA is paying 0.89x float. And when you consider the deal will close at the end of 2022, price/book is probably closer to 1.15x. Go Warren!
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I'm proud of the thousands of copies my book has now sold (yay!). But for some reason I find it immensely satisfying that five people have checked out the copy I donated to my local library. @harrimanhouse .
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These rates really make my $BRKA $BRKB heartstrings sing.
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If you own $BRKA and $BRKB right they already pay a dividend. I've rec'd more from being an active part of this culture in terms of friendships and learning than any amount the company could have paid in cash. I feel incredibly grateful to WB and CM for setting it all in motion.
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My 10th year at the $BRKA $BRKB annual meeting and I have one overall thought: the culture is so unique and so strong. It's going to last a long time. Truly an honor and a privilege to play a small part in this incredible community.
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This quote sums up my thoughts over the last few days reflecting on Charlie's life. I came to admire Charlie and eventually love him for what he brought to life. He was a learning machine and, importantly, a teaching machine. The world is a better place for having Charlie in it.
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Charlie Munger is setting such a great example at $DJCO. He worked for decades for FREE as Chairman and is now donating his stock to incentivize employees. We need more Munger's in this world, however curmudgeonly they may seem to others.
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$DJCO Daily Journal meeting starting now! I love how the broadcast opens with Munger already into the box of See's peanut brittle.
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@FocusedCompound Marc Hamburg is probably the most important / least appreciated person inside Berkshire on a pound-for-pound basis. The entire accounting team at HQ is incredible, rolling up all the subs, eliminating inter-company sales, etc. Fun fact: They produce the entire 10Q in-house.
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Not many people realize that $BRKA $BRKB has a home-grown bank inside of it (largely via Clayton Homes) that would rank as the 73rd largest bank in the country. It's financed through borrowings by a BRK-parent guaranteed subsidiary, Berkshire Hathaway Finance Corporation. It also
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You're making a mistake if you buy $BRK because of #WarrenBuffett and #CharlieMunger. Owning $BRKB is buying into the system they put in place and the people/co's who will continue/lead after they're gone. It's actually a compliment to say BRK will do great without our heroes.
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Thanks to all for their thoughts on how to learn accounting. I compiled the recommendations and a few other resources into this post. Enjoy! . . #Accounting #investing #ValueInvesting.
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Can someone point me to a resource on how to create graphs like this the split and combine? Excel add-in? Separate program? Thanks!
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Incredible statistic: BNSF has paid $41.8 billion in dividends to Berkshire Hathaway since purchasing it for $34.2 billion in 2010. And $BRKA *still* has business earning $5bn/year after tax! #BerkshireHathaway #bnsf #warrenbuffett
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What do @GSpier, @MohnishPabrai, @macraesykes, @MarioGabelli, Tom Russo, and over 100 Amazon reviewers have in common? They've all enjoyed The Complete Financial History of $BRKA $BRKB. Makes a great gift for the holidays (though at 750 pages it might not fit into a stocking!).
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Want a competitive advantage in life? Take care of yourself. As Munger would say, it's so simple. Eat good food, take mild exercise, get enough sleep, and extricate yourself from permanent-stress jobs (you couldn't pay me enough to be some NYC junior analyst).
Obesity rates by state from 1985 - 2021. Pretty remarkable how fast these rates have changed. What’s the main driver of this?
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Another reason to love owning $BRKB: The ability to (as Munger says "sit on your ass"). Is the oil and gas industry beat up? BRK invests on your behalf. Housing shortage looking good for the industry, BRK owns the best in the biz plus other building product cos. The list goes on!.
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Feeling pretty good about $BRKA $BRKB investment in $KO. Not what it once was but our 400mm shares are a nice asset.
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Berkshire now at $650bn market cap. Maybe we'll see $BRKA with $50bn in cash at the end of Q2. Let the rout continue!.
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BRK Energy is simply a gem. Not only does $BRKA benefit from tax incentives, but deferred taxes also add ~$900m to $1bn of cash earnings per year.
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Add this to the moment Greg delicately and very respectfully told Warren he had nothing to add. I thought the shareholders' response to that showed both our reverence for Charlie and our full enthusiasm for Greg as WB's new right-hand man. We're in good hands with Greg.
Warren Buffett slipping up and accidentally calling Greg Abel “Charlie” may be one of the most charming and perfect honors I’ve seen of the recently passed Charlie Munger. You know Charlie is deep in Warren’s heart. $BRK
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Sweet! $3.5bn cash out the door for $BRKA $BRKB on a known asset. Update from @MorningstarInc
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This is an important - very important - message Buffett sends to all BRK employees. As he said in his address to Congress re: the Solomon scandal: "Lose money for the firm and I will be understanding. Lose a shred of reputation for the firm and I will be ruthless."
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Owning a network in the middle of a few suppliers and hundreds of thousands of buyers is a nice place to be! $CPRT
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Finally got my $BRKA $BRKB passes from the last two years displayed with the first batch. This year marks #10 in person. So many wonderful memories made and business/life lessons learned!
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There comes a point where you just have to take your fill of stocks at the valuations you think rational. If the market goes lower, so what? You're a business owner, not a renter of stocks. Bonus: Sleep better knowing the co's you own are repurchasers of their own shares.
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@treysmith Thanks for buying a copy of my book today at $BRK. Happy to chat investing and business any time.
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The peanut may be brittle but the moat is strong. $BRKA $BRKB
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Pro tip: Grab a spoon to help you finish off your box of @seescandies peanut brittle and not leave any of the fresh goodness behind.
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My 2022 $BRKB passes are here! This will mark year 9 of attending in person. I put together a little montage after my first meeting in 2012. It included my receipt from Gorat's (I got Warren's T-Bone + fries), and the special #seescandies photo-op they did that year. $BRK $BRKA
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$CPRT is so good on the capital allocation front and so rational with everything else it genuinely surprises me that they keep splitting the stock. What am I missing? Something to do with index requirements?
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In honor of Charlie, the only book that will be sold at this year's $BRKA $BRKB meeting is Poor Charlie's. You can find my book at the Bookworm's main store in Omaha.
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One of the most important tables to understand in $BRKA $BRKB's financial statements is the unpaid claims table. It shows the change in claims during the year starting with last year’s balance. Consistent negative adjustments indicate conservative underwriting practices.
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Well, it's Thursday morning and my 1.5 lb box of @seescandies peanut brittle from the $BRKA $BRKB meeting is finally gone. How long does your box typically last?. (Pro tip: use a spoon to get the last bits of goodness from the box; perhaps some of my favorite pieces.)
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A nice interview of the late Walter Scott by $BRKA $BRKB Vice Chairman, Greg Abel. h/t @jtkoster .
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From @WSJ. Really? Shocking? I'd say obvious. As Munger would say, "How could it be otherwise?"
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This was a surprisingly easy read. A nice primer on the beer/wine/spirits industry for those interested. $BUD $TAP $HEINY $CABGY $STZ $DEO.
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How to learn insurance, from #WarrenBuffett:. "I think you can learn something, frankly, by reading the Berkshire Hathaway annuals for 20 years and reading the insurance section. I think it’ll teach you something about the economics of insurance. So, I would do it by reading.".
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Why are value investors such a happy lot?. 1. Confidence that fundamentals win in the end.2. Lots of time spent learning/piecing together puzzles.3. Wonderful and generous industry colleagues.
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One of the more interesting pieces of fanmail I've received. from Sing Sing Prison. He could be spending his time doing much worse than reading my book. Glad to see it helping someone in a constructive manner and encouraging looking forward to a brighter future. @harrimanhouse
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BREAKING! Greg Abel confirmed as Warren Buffett's successor. On p.740 of my recently-released book, I reasoned that it would be Greg who would take over. #warrenbuffett #charliemunger #berkshirehathaway #cnbc $brk $brka $brkb
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Fun BRK Thanksgiving fact:. Ajit Jain flies to London every Thanksgiving because they don't have a holiday. -According to Charlie Munger at the 2011 $BRKA $BRKB AGM.
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One thing conspicuously absent from Montreal, Canada's second largest city? Honking. It's amazing. Like let's all just get where we're going. The people here are super friendly. Highly recommend a visit if you're able. Lots to do too (and with kids). @Montreal.
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#1 new release on Amazon! Thank you everyone who purchased the book! #berkshirehathaway $brk $brka
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Almost no other bank except $HIFS could survive on spreads this thin. The bank remains profitable thanks to rock-bottom (and falling) operating expenses as a % avg. assets.
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Just a few @harrimanhouse authors hanging out at the $MKL meeting during a wonderful $BRKA $BRKB weekend!
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"Look at this generation, with all of its electronic devices and multi-tasking. I will confidently predict less success than Warren, who just focused on reading. If you want wisdom, you’ll get it sitting on your ass. That’s the way it comes." -Charlie Munger, 2007 Wesco.
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Brick by brick. $HIFS. This line stood out, ". the most dangerous response to short-term challenges is to make changes that have long-term consequences.".
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Please retweet if you found this thread valuable. Watchlist Investing Deep Dive Subscribers can login to the website to view my updated $BRKA $BRKB sum of the parts intrinsic valuation spreadsheet.
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Happy Birthday, Warren!.
“I think you are out of your mind if you keep taking jobs that you don't like because you think it will look good on your resume. Isn't that a little like saving up sex for your old age?” - Warren Buffett, 93 years young today. Happy Birthday!
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Just paid my water bill and did the math. I pay less than a half-cent per gallon. Stop and think about how incredible that is. One dollar pays for more than 200 gals of clean, drinkable water. Our ancestors of 500 years ago would be astounded.
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I decided to take a page out of Cathie Wood's book and post my trades. Here's my activity for the last month. $arkk @ParikPatelCFA #ownbusinessesdontrentstocks
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I love this quote about letting the weeds wither and watering the flowers. I think it's a Peter Lynch quote originally. Watering, in this case, means doing nothing for a few decades. My takeaway: resist the urge to sell.
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2/ Operating earnings (what counts) were $7.76bn in Q3, up 20% compared to Q3 2021. YTD operating earnings were $24.1bn, up 19% from YTD 2021.
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Thank you @BeckyQuick. That was special. We're incredibly grateful to have Munger this long. At 99 he could run circles around others literally half his age. Repeating my prediction: Greg Abel will be officially named CEO of $BRKA $BRKB this year.
$DJCO Daily Journal meeting starting now! I love how the broadcast opens with Munger already into the box of See's peanut brittle.
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Buffett indirectly discloses the value of Pilot Flying J. $7 billion for 41.4% is roughly $16.9 billion. Round up to an even $17 billion. $BRKA $BRKB
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Great news for all my friends in India! Here's what my friend, @MohnishPabrai had to say about the book. Pre-order yours today! @harrimanhouse
Coming soon, the most comprehensive financial history of Berkshire Hathaway by Adam Mead. A book that all serious investors MUST have in their bookshelves @HarperCollinsIN @BRK_Student @HCIBusiness @Gautam__Baid.
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@RobertCialdini Charlie's writings led me to read your work, Robert. And your work helped me get a response from Charlie way back in 2010. I've never shared this letter publicly before. Thanks for all you've done!
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"The investing where you find a few great companies and just sit on your ass because you’ve correctly predicted the future, that is what it’s very nice to be good at.". Charlie Munger, $BRK 2000 AGM.
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In case you missed it, here's last week's $BRKA $BRKB panel from Omaha Thank you @MarioGabelli for inviting me back for a second year!.
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Some Friday morning humor for you. Enjoy!. Warren Buffett Jokes About Charlie Munger's Costco Obsession via @YouTube . $BRK $BRKA $BRKB #warrenbuffett #charliemunger #stocks #finance #investing.
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$BRKA $BRKB has a lot of cash ($167 billion in total), and it's up a lot since 2008. But as a percentage of Berkshire's total asset's it's only modestly higher at 16% vs. 10% in 2008.
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I'm really happy the rest of the world can see the humor / human side of our heroes. We're endeared to them for much more than business/investing.
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Feeling optimistic. $BRKA 2022!. #woodstockforcapitalists. #warrenbuffett #charliemunger #berkshirehathaway $BRK $BRKB
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This is a wonderful piece of work. Thanks, Chris! . Charlie Munger's Book Recommendation List, by @ChrisFranco
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Neat letter from 2008 re: housing crisis. It's fun to see his mind work on this issue. Buffett also indirectly discloses that his net worth outside of BRK was $500 million at the time.
Buffett’s Letter to Hank Paulson, the then secretary of the treasury, in 2008
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New personal library rule: I need to immediately write inside the cover who recommended the book / where I heard of it / when. I wish I started doing this years ago. What are your personal library tricks / best practices?.
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OUT TODAY! The Complete Financial History of Berkshire Hathaway by @BRK_Student . For the first time the complete financial history of Berkshire Hathaway is available under one cover in chronological format.
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Getting to the meat. BRK handily beat the S&P 500 last year, gaining 4% in market value while the S&P declined 18.1%.
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No need to write my own summary when Chris does it so well. Ditto!.
Berkshire reported 2Q results this morning. As always, there's more under the hood than the reported results. A few thoughts on what is a very mixed bag. BRK is a good proxy for the US economy. The industrial economy is weak, consistent with what other companies are reporting. 1/.
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Welcome to the club, my friend! . I literally watched the entirety of the annual meetings (about 140 hours) AND read the 3,500-page transcript of them researching my book. And I still can't get enough. You're either totally obsessed or not interested in my experience. $BRKA
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"And Greg will keep the culture." - Charlie Munger. Successor slip? $brk $brka $brkb #BerkshireHathaway #warrenbuffett.
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