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In Buffett's last letter to shareholders, he talks about Berkshire's substantial losses last year in unwinding GenRe's hedge book. A hedge book that, on paper, apparently didn't look bad. A hedge book that they could have continued to carry forward without reporting any losses last year. But a hedge book that's costing an arm and a leg to unwind.

Riiinggg!

tr? [Jimi?]. Warren here. Yeah, I've got an open deritive here on 2023 Argentinian swap rates and I was wondering if you'd be interested in buying to close?"
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