Subject: Re: Value of BHE
"Can anyone explain the decline in value of BHE in more detail than Warren gave?"

Significant legal liability for fires in the service territory. Hostile regulators. I use that word purposely.

Early in my career I ran IT for a large regulated utility in the Northeast. I was at a corporate function where the CEO was boasting what a great business the regulated utility business was with a guaranteed 15% return on an ever growing "rate base".

I said to him: "Jim - what if the regulators aren't always so accommodating?" His head spun like in the Exorcist. Clearly that thought had never crossed his mind.