Subject: Re: Buffett, will he shock most of us ?
FWIW, trimmed some B’s after this 4% bounce today to $499. We are in the drawdown phase & “feels” appropriate from Jim & other folks’ comments, even though we are ~1.6 P/B. Although Jim has shared that we may see higher highs in general when we take out a new high. Who knows?!

Very pleased about the Report & enjoyed every word in Warren’s thoughtful letter.