> Here is the essential fact of that alleged scam: Warren Buffett’s Berkshire Hathaway invested $340 million in it, and in exchange claimed $377 million of income tax benefits.
> The health of the underlying business is irrelevant. Investors don’t need to go to the factories and sporting events to see if the generators are good, because they are not really buying the generators. They are buying the tax benefits, and those are mostly not manufactured in a factory; they are manufactured in spreadsheets and legal documents.
> Here is the essential fact of that alleged scam: Warren Buffett’s Berkshire Hathaway invested $340 million in it, and in exchange claimed $377 million of income tax benefits.
> The health of the underlying business is irrelevant. Investors don’t need to go to the factories and sporting events to see if the generators are good, because they are not really buying the generators. They are buying the tax benefits, and those are mostly not manufactured in a factory; they are manufactured in spreadsheets and legal documents.