Part III. OTHER PEOPLE'S MONEY

Most companies sell products or services first and collect cash later. Buffett does the reverse through Berkshire's insurance companies. Insurance companies collect premiums in advance. Buffett then uses this cash, which is really other people's money, for investing. In Chapters 7 and 8, I focus on Berkshire's insurance businesses, which are the mainstay of his success. In Chapter 9, I discuss tax deferment, which is another source of other people's money.

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