Subject: Re: Capital allocation woes
I don't understand the wholesale selling of all/most of Todd's positions. Were they all bad?


Not entirely surprising. Buffett did the same thing when Lou Simpson left. All his positions were liquidated and I remember him saying that was because he wanted a clean slate and he could not have the conviction that the original manager had in positions he didn't understand.

The 13-F is not yeat out so it is hard to know if he has done the same thing this time. It would be a shame if they dumped visa, mastercard etc based purely on who originally bought them.