2, the stock dividend money.

In order to buy a better company, he will sell the shares of a relatively bad company.

You don't have to pay cash to buy stocks, but you can exchange them with stocks.

When he gains the control of a company, he has the right to use the company's cash and other financial means (such as bank credit), so that he can buy the next company. Even without control, he can persuade other shareholders of the company to agree to his acquisition plan.

6. Buffett organized private equity funds in the early days, and the earliest money came from here. He used the fund's money to buy an insurance company, which provided a lot of cash.