Subject: Re: Other than Berkshire...
Hmmm, I've never felt entirely comfortable with them. A bit too close to financial engineering, and a bit to keen on large macro bets, leading to multi-year stretches that look great or terrible. More hat than horse.

Yes, your view is and has been the consensus view. A primary reason we were able to acquire a large position so cheaply. The company is still quite "cheap" even at its all-time high.

I think those that half pay attention miss what has been built and will be pretty impressed with the long tenured culture that has been built here. But that realization may come at much higher prices.

But I will admit that I follow this company more closely than most people do.