Subject: Re: Hopes, for Greg’s first letter?
"What would YOU consider a successful letter?"

1. Clear messaging on where we're at with BHE and what the plan is for the future.

2. What will be his plan for the equity portfolio especially since Todd moved on. Will Ted have a bigger role? I hope he defines what Warren was eluding to about him making large capital allocations. Was he talking about large acquisitions or actually doing stock purchases as well?

3. Either not declaring a dividend or announcing a logical dividend policy. I've always felt there's a bit of a middle ground here that's never been explored. For example, you could state in the policy that a dividend could never be over a certain percentage. Warren's big hesitation was always "a promise for the future" and I am very sympathetic to his view. If we did declare a dividend, and say, it could never be over half a percent I'd be fine with it. I just don't want Berkshire to ever be a dividend monster that feels the need to perpetually increase the payout.

4. A clear message where he thinks he can make the company more efficient with out losing productivity. Warren was always fairly loose in this regard but Greg is more of an operator so I'm hoping we get some insight into how he thinks we can maybe do more with less.

5. A nice earnings report :-)