Subject: Re: Greg's letter
I loved the letter! Very businesslike but also human and with lots of attention to culture and integrity. And appreciated that he kept the length similar to that of the past.

Two quibbles:

Seemed like he gave short shrift to the "Manufacturing – Consumer Products; and Service and Retailing" segment.

And he said, "Ted Weschler manages about 6% of our investments, including a portion of the portfolio formerly overseen by Todd Combs." Does that mean "about 6%" of the "$297.8 billion equity securities portfolio," in which case he's still managing only around $18 billion; or 6% of the larger portfolio of investments that includes cash, cash equivalents, and bonds; or something even greater including wholly owned businesses?