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  • Our investments continue to be few in number and simple in concept: The truly big investment idea can usually be explained in a short paragraph. We like a business with enduring competitive advantages that is run by able and owner-oriented people. When these attributes exist, and when we can make purchases at sensible prices, it is hard to go wrong (a challenge we periodically manage to overcome).

    Letter To the Shareholders of Berkshire Hathaway Inc., www.berkshirehathaway.com. March 7, 1995.
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