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The virtues of a conglomerate

Conglomerates such as Berkshire Hathaway add value to shareholders, argues Warren Buffett in his 2014 letter to shareholders

Mr Buffett says the world is his sprawling conglomerate Berkshire's oyster - "a world offering us a range of opportunities far beyond those realistically open to most companies".

BERKSHIRE is now a sprawling conglomerate, constantly trying to sprawl further. Conglomerates, it should be acknowledged, have a terrible reputation with investors. And they richly deserve it. Let me first explain why they are in the doghouse, and then I will go on to describe why the