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      "text": "Warren Buffett’s iconic holding company has significant excess cash and is trading at a cheap valuation",
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      "text": "Potential for margin expansion in Berkshire’s largest businesses\nGEICO’s loss ratio is >800 basis points higher and its underwriting profit margin ~400 basis points lower than its closest competitor\nDespite scale advantages, Burlington Northern’s operating profit margin trails best-in-class peer by nearly 800 basis points",
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