Subject: Re: Buybacks have begun
DTB gets at the elephant in the room, not many quality (moated),available to purchase, less than 10x ratio market cap to pretax and large enough to move the needle exist. Acquiring Mars (the food company not the planet) would be nice, for example, but probably will never happen, at least not in the next decade.

Berkshire has been doing a credible job expanding existing companies with add on acquisitions and also through logical capital investments in subsidiaries (BNSE trackage, tunnels, bridges to accommodate double stacked rail cars, for example). When we first bought B shares, my recollection there was 50 million a week of positive cash flow going to the Omaha coffers. It is now over 770 million per week according to ChatGPT and confirmed by Gemini.Eventually it will cross the billion dollars per week threshold.

In my humble estimation, after Warren has left the earthly scene, there will be thoughtful consideration by Abel, the division leaders and the board leading to a Danaher-like periodic spinning out of aligned divisions within Berkshire. It will lead to good outcomes for all concerned, including the shareholders as Berkshire faces the consequences of the law of large numbers.

Thoughts pro or con?

Uwharrie