Subject: Re: Hard to be a stock picker about now
Agree with the sentiment of this thread. When it comes to old economy names, one thing rings loudly, a small tidbit in the Berkshire annual letter;

“53% of our subsidiaries had declining earnings.”

That was for 2024, relative to 2023. Wonder what happened to them in 2025? The implication of this likely explains best the zippered wallet at Omaha.