Taussig Capital Paper: A Tale of Two Capital Structures (The Structural Alpha of Berkshire Hathaway and Similar Levered Investment Vehicles)

Joseph Taussig of Taussig Capital wrote a 58 page paper on the "structural alpha" of Berkshire Hathaway and other levered, permanent capital vehicles (reinsurers, insurers, banks and others). 

The paper is available on his website:

Taussig Capital Paper: A Tale of Two Capital Structures (The Structural Alpha of Berkshire Hathaway and Similar Levered Investment Vehicles)

 

Warren Buffett, one of the first hedge fund managers:

How can one gain access to this "structural alpha" of low cost leverage and deferred taxation? Buy or build the appropriate structure (such as a reinsurer, insurer, or bank). Several hedge fund firms have done so already.