Subject: Berkshire and SBC
I had a look at Amazon last year and was put off by the Share Based Compensation. Today I looked at Uber. 23 times Growing fast. Network effects. Potential threat from autonomous vehicles. Until you look at SBC and realise the FCF after SBC is actually ZERO.

We are extremely fortunate to own Berkshire Hathaway. Not only is it a growth company, (by virtue of it’s recycling of cash flows into a wide range of investments over time + organic growth from a range of niches) but the boss works for free and he does not pay himself and the staff in options and then try to hide it, in his financial reporting and communications with partners/shareholders.

I really think Wall Street has lost the plot with big tech SBC…