Subject: Re: BHE-BYD update
<<How deeply are we thinking on China?>>

Tex, I think you answered your question with this question. Buffett just a few days ago addressed his stockpiling of cash with comments about high domestic equity valuations amidst the “international situation”.

China, we know, was a source of major disagreement between Buffett and Munger. I also believe there are other issues related to the fragility and interconnectness of global finance and economies today. We speculate a lot about Post Buffett Berkshire. We may be looking at something nearly as significant: Post Munger Berkshire.