Subject: This was all predictable
We hit 1.7x book value, we are simply reverting back to a more historical valuation range, many will attribute this to a 'change' of some sort. Maybe so, maybe not.

For those of us who are long time holders, and future long time holders should relish this. Many will point to Buffett handing this off to Abel as a catalyst, or the Kraft write-down, or whatever, just trying to find some kind of narrative to fit price action.

We have 300 plus billion of cash on the side, I want it down and hard.