Warren Buffett's Arbitrage Bets: A Strategic Pillar of Compounding Wealth

Executive Summary#

Warren Buffett, widely recognized as the "Oracle of Omaha" and a preeminent proponent of value investing, has consistently employed arbitrage as a critical, albeit less-publicized, component of his investment strategy. This report delves into the nature and significance of Buffett's arbitrage operations, illustrating how this sophisticated approach complements his renowned long-term value investing philosophy. Far from being a speculative sideline, arbitrage, particularly merger arbitrage, serves as a pragmatic application of his risk-averse principles, enabling efficient capital deployment, meticulous risk management, and substantial contributions to Berkshire Hathaway's overall portfolio returns. The analysis will demonstrate that arbitrage is a strategic tool for managing Berkshire's considerable cash reserves, preventing "cash drag" and ensuring continuous compounding, especially during periods when large-scale, traditional value investments are scarce. Prominent examples, such as the Sanborn Map, Monsanto, Red Hat, and Activision Blizzard deals, underscore the calculated, high-probability nature of these ventures, revealing a dynamic and adaptable facet of Buffett's investment genius.

Introduction: Warren Buffett's Investment Philosophy Beyond Value Investing#

Warren Buffett's investment legacy is predominantly shaped by his unwavering adherence to value investing, a discipline he inherited from his mentor, Benjamin Graham. This philosophy centers on acquiring businesses at prices significantly below their intrinsic worth, a concept Buffett famously encapsulated by stating, "price is what you pay, value is what you get". His core strategy involves identifying and holding high-quality businesses with enduring competitive advantages, often referred to as "moats," for the long term. This patient, fundamental analysis-driven approach has been the bedrock of Berkshire Hathaway's extraordinary success.

However, a less celebrated yet equally vital aspect of Buffett's investment playbook is his opportunistic engagement in arbitrage and "special situations." These "workouts," as he often calls them, involve investments whose financial outcomes hinge on specific corporate actions rather than broad market dynamics. Buffett has consistently engaged in these activities throughout his career, often on a significant scale, describing this strategy as his "golden lever". This report aims to illuminate the strategic importance of arbitrage within Buffett's comprehensive investment framework, demonstrating that it is not a deviation from his core principles but a sophisticated extension designed to optimize capital deployment and generate consistent, low-risk returns by exploiting specific market inefficiencies. The consistent engagement in these event-driven scenarios, particularly when traditional undervalued opportunities are limited, highlights a pragmatic and adaptable dimension to his investment philosophy, ensuring that Berkshire's substantial capital is always working productively.

Understanding Warren Buffett's Arbitrage#

Arbitrage, in its purest form, involves exploiting price discrepancies for the identical asset across different markets simultaneously, ensuring a risk-free profit after transaction costs. A classic illustration is the hypothetical scenario of gold trading at $1,600 an ounce in London and $1,650 in Paris, allowing an arbitrageur to buy low and sell high instantaneously, capturing the $50 spread.

However, Buffett's primary engagement is in stock arbitrage, often termed "time arbitrage" or, more commonly, merger arbitrage. This strategy capitalizes on the price difference between a company's current stock price and a higher, publicly announced acquisition price offered in a future corporate event, such as a merger or takeover. The target company's stock typically trades below the offer price due to the inherent, albeit often small, risk that the deal might not close. The arbitrageur profits when the deal successfully completes, and the stock price converges to the acquisition price. For all-cash deals, the process is straightforward: buy the target stock and wait for the acquisition. If the consideration includes shares of the acquirer, the arbitrageur might simultaneously short the acquirer's stock to hedge against price fluctuations, effectively locking in the spread.

Beyond friendly mergers, Buffett also considers other "special situations" or "workouts," including hostile takeovers, corporate tender offers for their own stock, liquidations, spin-offs, and reorganizations. These diverse opportunities share the common characteristic that their financial outcome is tied to a specific corporate action rather than general market movements.

It is crucial to distinguish Buffett's arbitrage from pure speculation or high-frequency trading. While the academic definition of arbitrage often implies risk-free profit, practical applications always carry some degree of risk. However, Buffett's approach is characterized by "very low rates of risk" and a "high probability" of success. He defines risk not by market volatility, which he views as a flawed measure, but as the "possibility of harm or injury" linked to the time horizon of an investment. He and Charlie Munger are willing to accept losses on individual transactions, but they rigorously avoid entering into a series of similar, independent transactions where the collective "expectancy of loss" is negative. This philosophy underpins a portfolio-level risk assessment.

Buffett's arbitrage is not about speed or complex algorithms, unlike modern high-frequency or statistical arbitrage. Instead, it is a form of event-driven investing that leverages his analytical prowess and capital base to exploit market inefficiencies surrounding corporate actions. This requires a "unique mix of analytical, quantitative and qualitative skills" encompassing business, law, international politics, and game theory. His ability to "write the equation on them" signifies a comprehensive qualitative and quantitative assessment of the probability of a specific future event occurring, providing a significant competitive advantage over less informed investors or automated systems. This makes his arbitrage a more intellectual pursuit, akin to his value investing, focused on superior fundamental analysis applied to specific corporate catalysts. The low-risk nature is achieved through meticulous due diligence and a focus on high-probability outcomes, serving as a strategic alternative to low-yielding cash equivalents, particularly when traditional value investments are scarce.

Table 1: Key Characteristics of Warren Buffett's Arbitrage

The Strategic Importance of Arbitrage in Buffett's Career#

Arbitrage has played a far more significant role in Warren Buffett's investment success than generally perceived, contributing substantially to Berkshire Hathaway's remarkable long-term performance and serving as a critical component of its capital management strategy.

Historically, Buffett's arbitrage operations have generated extraordinary returns. From 1980 through 2003, these activities reportedly produced an "astronomical average annualized rate of return of 81.28%". This exceptional figure, sustained over more than two decades, was achieved with "very low rates of risk". While typical arbitrage funds today might aim for returns slightly above risk-free rates, the historical context reveals a less efficient market during earlier decades. In the 1960s, for instance, merger arbitrage was a niche field with "much larger spreads" , and information dissemination was slower until the late 1990s. This environment allowed Buffett's large capital base and superior analytical capabilities to capture outsized returns, turning what is now often a low-margin strategy into a significant source of capital growth. Some analyses suggest that excluding 59 arbitrage investments from a study period would have caused Berkshire Hathaway's average annualized return to drop from 39.38% to 26.96%, clearly indicating that arbitrage "significantly improved the overall rate of return" to shareholders. Berkshire Hathaway's overall book value per share compounded at an impressive 21.9% annually from 1964-2004, considerably outperforming the S&P 500's 10.4% total return, to which arbitrage contributed meaningfully.

Table 2: Historical Arbitrage Returns (1980-2003)

Buffett's paramount investment rule, "Rule No. 1: Never lose money" , is central to his arbitrage strategy. He prioritizes minimizing the potential for capital loss. He defines risk as the "possibility of harm or injury" tied to the time horizon for holding an asset, rather than conventional volatility measures. While he is willing to incur a loss on an individual arbitrage bet, he avoids transactions where a series of similar, independent events would collectively lead to an "expectancy of loss". This demonstrates a sophisticated, portfolio-level probabilistic approach to risk management.

Arbitrage serves as a crucial method for deploying Berkshire's substantial capital, especially when "very few attractive securities to buy" for long-term value investing are available. Berkshire Hathaway frequently holds massive amounts of cash, sometimes reaching $334 billion. Idle cash can significantly drag a portfolio's overall returns, particularly for a company of Berkshire's immense size. Arbitrage provides a pragmatic solution to this "cash drag," ensuring that capital is continuously working and compounding, even when the "big" value investments are not immediately available. This sophisticated liquidity management is critical for a large holding company that prioritizes capital preservation and continuous compounding.

Buffett explicitly states that his insurance subsidiaries engage in arbitrage as an alternative to holding short-term cash equivalents when they possess "more cash than good long-term investment ideas". He views these opportunities as a means to generate returns "much greater than Treasury Bills". Merger arbitrage returns are often benchmarked against risk-free rates plus a risk premium, positioning this strategy as an attractive "fixed income alternative" that also offers diversification benefits due to its low correlation with traditional equity markets. This highlights Buffett's pragmatic and flexible approach to capital allocation, ensuring that Berkshire's vast capital is always deployed efficiently, maximizing returns across various market conditions and opportunity sets.

Famous Arbitrage Bets: Case Studies#

Warren Buffett's career is punctuated by numerous successful arbitrage ventures, each illustrating his meticulous approach and adaptability. These case studies highlight the practical application of his principles across different eras and deal types.

Early Ventures#

• Sanborn Map: This was an early, notable "activist" or "control" arbitrage situation for Buffett. Sanborn Map, a company primarily known for its declining fire insurance map business, held a substantial portfolio of marketable securities valued at $65 per share, significantly more than its stock price of approximately $45 per share. Management, which owned nearly 40% of the shares, resisted liquidating these valuable assets. Around 1960, Buffett acquired a significant stake, representing 35% of his investment partnership's total assets under management. Allied with other dissatisfied shareholders, he initiated a proxy fight and lobbied the board to distribute the investment portfolio. This active intervention led the board to agree to buy back shares at fair value using a portion of its investment portfolio, resulting in 72% of outstanding shares being tendered. In just two years, Buffett secured a "50% return on his investment". This case demonstrates Buffett's early willingness to engage in "activist" arbitrage, going beyond passive investment to actively unlock value when market inefficiencies are significant and management is resistant, showcasing a more aggressive, hands-on approach in his early career. This type of "control" investment highlights his deep understanding of how to realize value in deeply undervalued assets, even when it requires direct intervention.

• Oil Stock Arbitrage: Buffett's 1963 letter makes reference to profitable "oil stock arbitrage deals". These involved buying shares of "smaller oil producers that were selling out to the larger integrated oil majors". While specific details on capital deployed or exact profits are not extensively provided, these ventures were noted as "very profitable". This indicates that Buffett's arbitrage strategy was adaptable across various industries and market conditions, leveraging sector-specific M&A trends. His ability to identify and capitalize on broader economic shifts, such as consolidation within the oil industry, underscores his strategic awareness beyond just individual company analysis.

Recent Berkshire Hathaway Plays#

• Monsanto (Bayer AG acquisition): In 2017 and 2018, Berkshire Hathaway steadily purchased shares of Monsanto after Bayer AG announced an all-cash takeover offer of $128 per share. Berkshire's investment was a bet on the deal's completion, despite an initial spread of approximately 19%. By March 31, 2018, Berkshire's stake had grown to 19 million shares, valued at $2.4 billion. The deal faced significant regulatory scrutiny, but Buffett's assessment likely factored in qualitative elements, such as the perceived regulatory stance of the incoming Trump administration, which was expected to be more lenient. Monsanto had even negotiated a higher breakup fee due to these concerns. The deal successfully closed on June 7, 2018, and Berkshire Hathaway was poised to receive $2.4 billion from the acquisition. This arbitrage highlights Buffett's calculated risk-taking in the face of significant regulatory hurdles, leveraging his assessment of political and economic environments to gauge deal certainty. His willingness to deploy substantial capital in such a situation indicates a high degree of confidence in his qualitative assessment of the deal's probability.

• Red Hat (IBM acquisition): IBM announced an all-cash acquisition of Red Hat for $190 per share. Berkshire Hathaway engaged in this arbitrage play in 2018 and 2019, purchasing over 4.1 million shares at an estimated $175 per share shortly after the announcement, with an initial spread of about 8.5%. They acquired nearly a million more shares in early 2019 before IBM completed the acquisition on July 9, 2019. All told, Berkshire cleared an "estimated $70 million" profit from this merger arbitrage. The Red Hat deal exemplifies Buffett's strategy of accumulating "singles" that collectively contribute meaningfully to Berkshire's overall returns. While individual arbitrage profits might not be "home runs" in isolation for a company of Berkshire's size, a series of such high-probability, low-risk ventures can add up to significant cumulative returns, especially when deployed with Berkshire's vast capital. This illustrates the power of consistent capital compounding from seemingly modest percentage gains.

• Activision Blizzard (Microsoft acquisition): Microsoft announced its intention to acquire Activision Blizzard (ATVI) for $95 per share. The stock initially traded around $80 due to significant regulatory concerns, creating a substantial spread. Berkshire first purchased a stake in Q4 2021, even before Microsoft's acquisition announcement. Following the announcement, Buffett personally directed an increase in the position in Q1 2022, acquiring an additional 49.7 million shares at an estimated average price of $72.96 per share. Berkshire's stake peaked at 68.4 million shares in Q2 2022 at $73.95 per share, representing a $4.2 billion position by Q1 2023. Despite intense regulatory challenges, Microsoft ultimately prevailed against the FTC's attempt to block the deal in July 2023. As a result, Berkshire Hathaway was poised to score a "more than $1 billion profit" from its Activision Blizzard stake. This case exemplifies Buffett's willingness to "bet big" when he "likes the odds," even in situations with significant regulatory uncertainty. His decisive capital deployment reflects his confidence in his qualitative assessment of deal completion probability, distinguishing this from a typical low-risk arbitrage and highlighting his unique ability to analyze complex scenarios.

• Frontier Communications Parent (Verizon acquisition - potential): This ongoing situation illustrates the continued relevance of merger arbitrage for Berkshire Hathaway. Verizon intends to acquire Frontier Communications Parent at $38.50 per share, while the stock currently trades around $36, creating a 6.9% spread over an approximate 12-month timeline. This opportunity is notable given Berkshire's record $334 billion cash pile. The deal requires various regulatory approvals, but a significant $590 million breakup fee is stipulated if the deal fails due to regulatory concerns, mitigating downside risk. For an entity with Berkshire's capital scale, even a modest, high-probability annualized return on a large sum of cash is a highly efficient capital allocation strategy. This ensures that capital is not sitting idle but is actively compounding, aligning with Buffett's long-term wealth creation goals.

Table 3: Notable Warren Buffett Arbitrage Bets: Summary and Outcomes

Buffett's Principles and Criteria for Arbitrage Success#

Warren Buffett's success in arbitrage is not accidental; it stems from a rigorous framework rooted in his core investment philosophy. His approach prioritizes capital preservation and meticulous analysis, distinguishing his arbitrage from speculative trading.

A foundational principle guiding Buffett's investment decisions, including arbitrage, is "Rule No. 1: Never lose money". This translates into a relentless focus on minimizing the potential for capital loss. He actively seeks opportunities characterized by "very low rates of risk" and a "high probability" of success. While acknowledging that practical risks exist even in arbitrage, he aims to reduce them to a manageable level. Buffett and Charlie Munger are willing to accept a loss on an isolated transaction, such as an individual arbitrage bet or an insurance policy. However, they are fundamentally unwilling to engage in transactions where they perceive an "expectancy of loss" across a series of similar, independent events. This underscores a sophisticated, portfolio-level probabilistic approach to risk, where they are "very willing to enter into transactions where probabilities favor them".

Thorough due diligence and deal evaluation are paramount. Successful merger arbitrage, as practiced by Buffett, demands a "unique mix of analytical, quantitative and qualitative skills" that extend beyond traditional finance to encompass business, law, international politics, and even game theory. He meticulously scrutinizes critical deal documents, including the initial press release, the detailed merger agreement, and the proxy statement. Key terms under examination include the identities of the companies involved, the nature of the deal (friendly or hostile), the type and value of consideration offered (cash, stock, or a mix), the transaction's legal structure, the expected timeline for completion, and the financing arrangements.

A crucial aspect of his process involves the rigorous identification and assessment of potential deal failure risks. These can include antitrust regulatory blocks, foreign investment issues, financing failures, negative shareholder votes, or even the acquiring party getting "cold feet". He also critically evaluates the credibility of the buyer and their financing sources. The emphasis on qualitative assessment of deal certainty and regulatory outcomes highlights that his success in this domain is not merely about quantitative analysis but a holistic understanding of business, legal, and political landscapes. For instance, in the Monsanto acquisition, his assessment likely incorporated the political climate and the perceived regulatory stance of the administration. This demonstrates that his ability to "write the equation on them" extends to these qualitative, often unpredictable, external factors that significantly influence a deal's completion.

Buffett himself articulated four key questions for evaluating arbitrage situations in his 1989 annual letter:

1. How likely is it that the promised event will indeed occur?

2. How long will your money be tied up?

3. What chance is there that something still better will transpire (e.g., a competing takeover bid)?

4. What will happen if the event doesn't go through?

In terms of capital allocation, Buffett has historically limited the use of leverage in his partnerships for "workouts" to typically 25% of the partnership's assets. In his early partnerships, significant portions of assets, sometimes between 10% and 20% of the portfolio, were allocated to these "workouts". He emphasizes patience in acquiring "substantially undervalued securities" and building positions over time. He engages in arbitrage "from time to time -- sometimes on a large scale -- but only when we like the odds". This highlights an opportunistic rather than a continuous or fixed-percentage allocation strategy. The opportunistic and large-scale nature of Buffett's arbitrage serves as a strategic tool for managing Berkshire's immense capital. With Berkshire often holding tens or hundreds of billions in cash , and Buffett noting the scarcity of "attractive securities to buy" for long-term investments , arbitrage provides a mechanism to deploy these vast funds efficiently. Even small percentage gains on large sums translate into significant dollar profits. This is a sophisticated liquidity management strategy that ensures capital is always compounding, without committing to long-term equity positions that may not meet his strict value criteria.

Conclusion: The Enduring Role of Arbitrage in the Oracle's Playbook#

Warren Buffett's investment prowess is often attributed solely to his long-term value investing in "wonderful businesses." However, a comprehensive analysis of his career reveals that arbitrage, particularly merger arbitrage and other special situations, has been a fundamental and strategically vital pillar of his success. Far from being a peripheral activity, arbitrage has served as a dynamic and pragmatic tool within his capital allocation framework.

Buffett's engagement in arbitrage is a testament to his adaptability. His career trajectory shows an evolution from early "cigar butt" and activist plays, such as Sanborn Map, to his later focus on acquiring "wonderful businesses". Throughout this evolution, arbitrage has remained a consistent and critical component, especially during periods when Berkshire Hathaway accumulates substantial cash reserves and finds limited "fat pitch" opportunities in traditional long-term investments. This flexibility demonstrates that even the most disciplined value investor must employ diverse strategies to achieve superior long-term compounding across varying market cycles.

The reported "astronomical" average annualized returns of 81.28% from his arbitrage operations between 1980 and 2003 underscore the significant financial impact of this strategy. These exceptional returns were not merely a result of market inefficiencies but a reflection of Buffett's meticulous due diligence, his ability to accurately assess deal probabilities, and his willingness to deploy substantial capital when the odds were overwhelmingly in his favor. His approach is characterized by a relentless focus on minimizing the "possibility of harm or injury" to capital, aligning perfectly with his "Rule No. 1: Never lose money".

Ultimately, Buffett's arbitrage strategy is not a deviation from his core value investing principles but a sophisticated application of them to event-driven scenarios. It allows him to exploit short-term price discrepancies with a high degree of certainty, generating consistent returns that are superior to low-yielding cash equivalents, thereby preventing "cash drag" and ensuring that Berkshire's vast capital is continuously compounding. This pragmatic approach to wealth creation, where every dollar is put to work efficiently, highlights that true investment mastery involves not just adherence to core principles but also the strategic deployment of a diverse set of tools to maximize returns and manage risk across various market conditions. It is this opportunistic yet disciplined approach that has cemented Warren Buffett's enduring legacy as one of the greatest investors of all time.

Works cited#

1. Warren Buffett's first rule of investing never made sense to me? - Reddit, https://www.reddit.com/r/investing/comments/1fbqg84/warren_buffetts_first_rule_of_investing_never/ 2. Warren Buffett's Top 5 Positions Make Up 70.46% Of His Portfolio (Analysis), https://acquirersmultiple.com/2025/05/warren-buffetts-top-5-positions-make-up-70-46-of-his-portfolio-analysis/ 3. Things You Didn't Know About Buffett's Strategy - Saber Capital Management, https://sabercapitalmgt.com/things-you-didnt-know-about-buffetts-strategy/ 4. Warren Buffett and the Art of Stock Arbitrage: Proven Strategies for Arbitrage and Other Special Investment Situations - Amazon.com, https://www.amazon.com/Warren-Buffett-Art-Stock-Arbitrage/dp/1439198829 5. Warren Buffett and the Art of Stock Arbitrage - Simon & Schuster, https://www.simonandschuster.com/books/Warren-Buffett-and-the-Art-of-Stock-Arbitrage/Mary-Buffett/9781439198827 6. Is arbitrage, similar to what Warren Buffett did in the 80's, still possible today? - Reddit, https://www.reddit.com/r/investing/comments/1b76s2/is_arbitrage_similar_to_what_warren_buffett_did/ 7. Why Warren Buffett's Spending Spree Could Continue With This 1 Stock | The Motley Fool, https://www.fool.com/investing/2022/03/29/why-warren-buffetts-spending-spree-could-continue/ 8. Lecture Note: Advanced Topics in Arbitrage Finance Part 1 How can Buffett generate a 22% compound annual return to Berkshire Ha, https://sites.uni.edu/thompsona/Lecture%20Note%20Advanced%20Arbitrage%20and%20Special%20Investment%20Situations%20Part%201.pdf 9. Arbitrage - Wikipedia, https://en.wikipedia.org/wiki/Arbitrage 10. Understanding Merger Arbitrage: 2025 Trader's Perspective - The Trading Analyst, https://thetradinganalyst.com/merger-arbitrage/ 11. Five reasons why merger arbitrage is a must-own strategy | Wealth Professional, https://www.wealthprofessional.ca/investments/alternative-investments/five-reasons-why-merger-arbitrage-is-a-must-own-strategy/329109 12. Warren Buffett: Proven Techniques to Minimize Investment Risk ..., https://acquirersmultiple.com/2024/05/warren-buffett-proven-techniques-to-minimize-investment-risk/ 13. Optimal statistical arbitrage trading of Berkshire Hathaway stock and its replicating portfolio, https://pmc.ncbi.nlm.nih.gov/articles/PMC7810329/ 14. (PDF) Optimal statistical arbitrage trading of Berkshire Hathaway stock and its replicating portfolio - ResearchGate, https://www.researchgate.net/publication/348533442_Optimal_statistical_arbitrage_trading_of_Berkshire_Hathaway_stock_and_its_replicating_portfolio 15. accelerateshares.com, https://accelerateshares.com/wp-content/uploads/2020/02/A-Practitioner%E2%80%99s-Guide-to-Merger-Arbitrage-1.pdf 16. Buffett Partnership Strategy: Get Inspired By Buffett's Best Buys - Net Net Hunter, https://www.netnethunter.com/buffett-partnership-strategy-ideas/ 17. Annual Report - SEC.gov, https://www.sec.gov/Archives/edgar/data/1067983/000119312505046527/dex991.htm 18. 1 Stock Warren Buffett Could Target Next With Berkshire's $334 Billion Cash Pile | Nasdaq, https://www.nasdaq.com/articles/1-stock-warren-buffett-could-target-next-berkshires-334-billion-cash-pile 19. 1 Stock Warren Buffett Could Target Next With Berkshire's $334 Billion Cash Pile, https://www.fool.com/investing/2025/03/09/1-stock-warren-buffett-could-target-next-with-berk/ 20. Merger Arbitrage: A Strategy for Consistent Profits in the Market - NBDB, https://nbdb.ca/learning-centre/understanding-stock-market/alternative-investments/merger-arbitrage-strategy.html 21. Merger Arbitrage Boosts Diversification - Oppenheimer.com, https://www.oppenheimer.com/getContentAsset/08ecb6d2-3363-4f94-8720-cbf35a223c6b/c7457923-fb44-4ba3-82e6-d567e6afe238/Merger-Arbitrage.pdf?language=en 22. Warren Buffett and «Value Investing» - how he turned $100 into $42 billion, https://www.scup.com/doi/10.18261/ISSN1504-2871-2004-02-02 23. Warren Buffett and «Value Investing» - how he turned $100 into $42 billion - Scandinavian University Press, http://www.idunn.no/doi/10.18261/ISSN1504-2871-2004-02-02 24. Sanborn maps - Wikipedia, https://en.wikipedia.org/wiki/Sanborn_maps 25. How this $66 billion deal turned 'oracle' Warren Buffett into an arbitrager, https://m.economictimes.com/markets/stocks/news/how-this-66-billion-deal-turned-oracle-warren-buffett-into-an-arbitrager/articleshow/57162056.cms 26. Berkshire Hathaway To Receive $2.4 Billion From Bayer Acquisition Of Monsanto On June 7, https://hedgefundalpha.com/berkshire-hathaway-to-receive-2-4-billion-from-bayer-acquisition-of-monsanto-on-june-7/ 27. Warren Buffett's Berkshire Hathaway is poised to score a $1 billion profit after Microsoft beats FTC in Activision case - Markets Insider, https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-microsoft-activision-blizzard-ftc-lawsuit-profit-2023-7 28. Game (almost) over! Buffett close to winning Activision bet - CNBC, https://link.cnbc.com/public/32089218 29. buffett-partnership-letters.pdf - Ivey Business School, https://www.ivey.uwo.ca/media/2975913/buffett-partnership-letters.pdf 30. 1957 Letter WARREN E. BUFFETT 5202 Underwood Ave. Omaha, Nebraska SECOND ANNUAL LETTER TO LIMITED PARTNERS The General Stock Mar - Safal Niveshak, https://www.safalniveshak.com/wp-content/uploads/2013/12/Warren-Buffett-Berkshire-Letters-1957-2012.pdf