Subject: Re: In progress observations
This is a wonderful problem to have, BTW. We make more than can be sensibly deployed. The stock is so popular that it doesn't make sense to buy more of it. But the shareholders don't want dividends. Think about that for a second. No wonder WEB can't stop smiling. He won the race! And they've retired his number to make it official. A couple of Ben Graham quotes to remind us of how he did it:

“The best way to measure your investing success is not by whether you’re beating the market but by whether you’ve put in place a financial plan and a behavioral discipline that are likely to get you where you want to go.”

“The essence of investment management is the management of risks, not the management of returns.”

and finally: “The intelligent investor is likely to need considerable will-power to keep from following the crowd.”

Personally, I want Greg to follow that advice and stay in his circle of competence, even if it is old-fashioned. I am happy to have him take his time deciding where BRK should go next, and what to do about the cash. I assume the stock price will drop further as people lose patience. Since Greg is a net long-term buyer, that works to his advantage lol. But I doubt he cares either way. He's a hockey player, and he'll focus on scoring goals. That's how you win championships.

abromber