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Important: Read our Disclaimer: https://focusedcompounding.com/discla... - 00:00 Intro
01:15 First impressions of the letter
07:50 Greg’s operating framework for BRK
16:29 Capital allocation principles
21:39 Berkshire’s 2025 performance
29:40 Equity investments
34:10 Berkshire’s size is its own prison
36:50 Takeaways
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