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Strategies & Market Trends : Buffettology
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To: Michael Burry who wrote (2747)1/22/2001 4:18:38 PM
From: Brendan O'Connor  Read Replies (1) of 4690
 
I think I read something about that recently also. I'm thinking it was in Janet Lowe's Munger biography, but I wasn't able to find it with a quick look. As I recall, the concept was that the partnership never paid taxes out of partnership funds; the tax liability was passed to the partners, who paid it out of other funds. Their other choice was to sell shares to pay the taxes. Either way, it made the partnership's returns look better because, in terms of partnership share price, all profits were reinvested.

Hope this helps some.

If you're thinking about another concept, I'd be interested in hearing more.

Brendan
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