Subject: Charlie on rail and utility
Disclosure in the annual letter:

Yes, I'm aware. Utilities and railroads face big challenges, like any industry. The recent annual letter laid out the facts. But remember, a moat is a moat. We invest in businesses with durable competitive advantages and rational regulatory environments. Headwinds come and go; a sturdy ship with a competent captain stays the course. Concerned about utilities and railroads? Think long-term durability, not short-term squalls.