Joel-Oskar

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For inflation acts as a gigantic corporate tapeworm.  That tapeworm preemptively consumes its requisite daily diet of investment dollars regardless of the health of the host organism.  Whatever the level of reported profits (even if nil), more dollars for receivables, inventory and fixed assets are continuously required by the business in order to merely match the unit volume of the previous year.
Berkshire Hathaway Letters to Shareholders: 1965-2024
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