Subject: Re: Dear Mr Buffett, and your letter next week.
“Trust”

As a shareholder I have to trust the board, trust management. If decisions are made at lower levels and they weren’t good decisions, I have to ‘trust’ that management will rectify it.

To the extent that Todd or Ted are somewhat talented investors, I do not want their moves broadcast to the world, it’s bad enough that we have the 13Fs to contend with. This is proprietary information.