Subject: Re: Numbers
I think the major reasons are the announced retirement of WEB as CEO and the reduced valuation of BHE.

The reduced valuation of BHE has been known for sometime now; ever since BRK bought out the minority stake of Walter Scott Estate in 2024. So it's hard to imagine it was a new revelation for shareholders during the annual meeting in May.

Even Warren's retirement is not a complete surprise. We have known at least since 2018 that this is going to happen at some point. Perhaps the precise timing is a small surprise, i.e., the way it happened at the 2025 AM.

So it is very hard to attribute the recent correction in BRK stock price to either event. My guess is that BRK appeared to be a safe harbor during the tariff & geopolitical uncertainty during March & April when the markets were in risk off mode. They appear to be back in the risk on mode since May with the TACO thesis, which likely negatively affected BRK stock price.

Just my 2c.