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USA TODAY: How Buffett separates the good from the great

June 21, 2014

From USA TODAY

How Buffett separates the good from the great

They say there’s more than one way to skin a cat, and the investing legend Warren Buffett would likely agree. For decades, Buffett produced one market-beating performance after another at Berkshire Hathaway (Ticker: BRK-A ) ( BRK-B ) , but he took a variety of paths to get where he is today. At times, he relied on the virtuous economic characteristics of what he calls a “wonderful” business; in other instances, however, it was his operating managers alone who were responsible for Berkshire’s profits. The year 1990 was a prime example of the latter scenario. In Buffett’s letter to shareholders, he commended Berkshire’s astute managers who delivered impressive results in spite of otherwise challenging industry economics:

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