If you are anxious and sad about the state of the world, that's fine, and there are plenty of strategies for dealing with that. But I think you already know that drive-by online dooming isn't a strategy. It's selfish and adolescent. It's a contagion that only spreads the worst of you, not the best.

I loved “The Power Broker”, so I’m in the tank for Robert Caro already, but this book about his reporting and research processes really lit a fire for me.

There seems to be a mismatch in style in the roster that seems to create tension. Mitch, OG, Deuce, Hart play one way, Brunson, KAT, Bridges play another, and you could see how the groups get irritated with each other regarding effort on either side of the ball.

Always feels worse when they get pushed around. Agree it’s mostly handwringing over nothing.

In hindsight his switching to 4-4-2 over the past month was telling. He was doomed the moment it looked like it was working.

I wonder if it had less to do with the transfer issues and more with the “I’m out of here when my contract is up” bit.

May not be correlated at all, but I have noticed a rotation into Markel and Fairfax over the past 6 months. But you’re right, the multiple is too high.

My guess is they don’t use the money to buy a big slug of Amazon, Alphabet, etc., but instead wait for a Solomon Bros, Goldman Sachs, BOA type of bailout at ridiculous terms.

For sure. I don’t look at it as dead weight yet, but understand why someone not part of the cult (I’m guilty) sees it that way.

One of the few public statements we’ve gotten from Greg focused on how Berkshire values being a safe haven in times of stress.

Operating PE has been the targeted shift, I think. Trying to get away from the fluctuations of the equity holdings.

Not sure the equity portfolio is the story anymore. Greg is an industrial operator, and half the cash on the balance sheet has to be held in reserve.

Couple more drinks then reassess