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Why Warren Buffett is worth US$72b

There's more to his success than just being really good at capital allocation

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Mr Buffett (left) at one of Berkshire Hathaway's annual shareholders meetings. He has bought enough seemingly random companies over the years that the combined entity defies any simple description.

New York

CONSIDER these two truthful sentences: Academics who study corporate finance overwhelmingly believe that conglomerates - giant companies that operate in a wide range of industries, often built through acquisitions - are an awfully inefficient way to organise businesses. And one