Subject: Re: Berkshire YTD
Outperforming the S&P index by almost 18%. Wild to say the least.
Safe Harbor / Fortress balance sheet / Anticipation of better operational earnings with Greg's more hands on style??

One other possible explanation: November 2007.
The excrement hits the ventilator in stages...at first people think they'll switch to something reliable (which goes up), then they realize they have to sell everything (so it goes down). Sometimes you get a third stage when the best stuff tanks the most because people sell what they can because there's a market for it, not what they want to. Just a thought!

That's most definitely not a prediction, just a reminder that absolutely anything can happen to prices in the short term, and that most narratives about why moves happen are just stories we tell ourselves.

To complete the scary analogy, recall that Berkshire's price didn't surpass its 2007 high till 2013.

Jim