Subject: Re: BHE-BYD update
We may be looking at something nearly as significant: Post Munger Berkshire.

So far, I'm likin' it.
There might not be THAT much risk to various relationships with China and businesses based there, but it's probably now enough to make Rule #1 a consideration.

I'm glad we don't own (say) billions worth of BABA paper.
I'm glad of the risk reduction inherent in the Apple stake reduction. I think geopolitical risk within that position was the single biggest risk in a share of Berkshire.

BYD was a big win, for sure, and it wasn't a lot of original capital at risk. But I think it's easy to ascribe too much to prescience and not enough to luck. Plus, pricewise it got pretty frothy for a while and has gone more or less nowhere for almost four years...the recent good results were "prepaid".


Jim