Buffett's Investment Record

Buffett's investment record at Berkshire is based on the common stock purchases far more than any special deals – although Berkshire has made a lot of them. If you compare Berkshire's record on special deals with its record on common stock purchases in the market, you'll see that Buffett's record is not the result of benefits resulting from such special deals – because, quite frankly, he's accomplished a lot more at Berkshire in the open market than in negotiated transactions with public companies. In fact, his "special deals" record in the 80s in this regard was actually quite poor when compared to his common stock purchases.