Subject: Re: From the letter
This is a great point. I think Buffett makes goes further into an area he does not usually opine on - macro economics.

From page 8, second to last paragraph, last two sentences: "Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences."

I interpret this as Buffett is saying inflation is a consequence of huge fiscal deficits. Would love to hear others thoughts on this.

Sam