Subject: Re: BRK view
He was a net seller in 2020, however that was a once in a century pandemic and predominantly airline stocks when international travel was restricted, no brainer?.

Warren and Charlie over recent years have been saying that high multiples in the market can only be sustained if interest rates stay low, now the tide has turned valuations will have to drop? it'll take some time to filter through. I think the guy in the video was saying that the current multiple is c25 and if it drops to the long term median of 15 x earnings that's a 40% haircut on the S&P.