Subject: Re: How far will it fall?
A price at or around 25th percentile would give you a price sub $400. It was sub $400 around 12 months ago.

WEB did a remarkable job mitigating risk at the right time (AAPL and BAC sales), but my money is on the mood around BRK turning sour before things rebound. If there's no Q2 market rebound, we'll very likely see 30 billion plus in stock portfolio losses, and a general bearish lens being used to value the operating companies (e.g., if rail goes, so goes the deemed value of BNSF).

A -7% drop also doesn't feel like a port in the storm to money looking for safety. And that's only Day 2 of this mess.

Maybe this all resolves but if it doesn't I think (and I don't think it will) we need to brace for sub 400 as very plausible from here. The premium to book isn't being paid for a cash pile.