Subject: Re: My 2 cents on the quarter
<<Initially the substitution of cash for equities at 5.25% Treasuries will improve operating earnings.>>>

Yes. And that trend will continue if the selling is Apple by a factor of 10 TIMES ( 5.25% FF vs. 0.45% AAPL….7 times forward 3.5% Fed funds)..

And the BAC selling trend yields a 100% present benefit (probably 50% benefit forward rates).

Of course, cash will likely pay 1/3 less going forward, but Berkshire’s cash income might not decline, very possibly even increase 2025 vs. 2024.

Maybe Buffett just figured to heck with this “look through earnings” thing lol :) Growth schmolth. If investors won’t credit you for the growth of your investees—just take the higher guaranteed Berkshire reported earnings :). Sarcasm here