Copying Warren Buffett’s structural advantages – including his “secret” one

Copying Warren Buffett’s structural advantages – including his “secret” one

Over the weekend, Berkshire Hathaway published its latest annual shareholder letter.

While Buffett's views on the American economy and the latest accounting rules might be of immediate interest to many readers, I was most interested in Buffett's reminders to us of the structural advantages enjoyed by his firm, Berkshire Hathaway.

I was also intrigued that he again failed to mention his "secret" leverage. Let's see if we can copy any of his advantages.

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