Warren Buffett：Berkshire 1995 Letter, Excerpt 3

In making acquisitions, we have a further advantage: As payment, we can offer sellers a stock backed by an extraordinary collection of outstanding businesses. An individual or a family wishing to dispose of a single fine business, but also wishing to defer personal taxes indefinitely, is apt to find Berkshire stock a particularly comfortable holding. I believe, in fact, that this calculus played an important part in the two acquisitions for which we paid shares in 1995.

Source： https://www.berkshirehathaway.com/letters/1995.html
Locator：1995 Chairman's Letter, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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