Subject: Re: In progress observations
I have "known" you since 2000 on TMF. (You don't know me). Your truck engine was running, but you hadn't yet engaged. Do you remember?

I do remember 2000 when Buffett talked about possibly doing buybacks - the first time I recall this happening. I first bought in 1996 after Buffett talked about BRK being overpriced in 1995. I bought when it dropped from $35k to $30k. I also bought in 2000 at around $46k. I don't recall talking about this on the MF - but at 91 my memory is slipping.

I remember that Tode was VERY disappointed with Greg's first appearance at the BRK annual meeting a few years ago.

I do remember this first appearance on the stage by Greg and Ajit. Both were new at in their vice-chairman position, but Ajit had been in insurance all his career and Greg was just taking over all the non-insurance business. When asked questions Ajit was quick to respond in a direct and well informed manner. By comparison, Greg seemed to make generalities and came across poorly when compared to Ajit. I remember the criticism of him at the time.

I spent just under 40 years with XOM, so I have some experience with how corporate america functions. Greg was new in his position, hadn't really had time to meet and judge where all the non-insurance businesses stood or the people running them. He was in no position to either praise people or throw them under the bus. So he wisely avoided doing so. I recall trying to explain this to people in a post - but first impressions stick.

I think Greg's performance today demonstrated his ability to understand a wide range of businesses in depth and to effectively communicate with their managers. He didn't hesitate to point out "gaps" when compared with peer businesses. But his style is to point out issues when they exist, and then offer support and time to address them. Today he compared very well with Ajit - and better than Buffett in terms of managing those businesses. I think I was right in not negatively judging his first time on stage. Had the courage to keep his mouth shut when it wasn't time to talk about specifics.

This is not to fault Buffett. He rightly judged that his skills could add more to BRK in investing than in managing operating businesses more closely. And we shareholders have profited by this judgment. Also, as Buffett has said himself, he doesn't like conflict. That doesn't seem to be an issue with Greg if required.

I highly respect Tode - we've been friends for three decades. We come from different backgrounds - his reaction at the time was understandable. And shared by most people.

I learned a great deal from Tode and certain others on the old AOL board - back when access was by dial-up modems. I had recently retired from XOM and was trying to decide what to do with my lump sum pension. BRK had not issued the B shares at that time, and it was initially difficult to commit that much money to a single stock. I was very much a novice investor at the time. I've been eternally grateful to Tode and others for their teaching and friendship at the time. It led to a life changing investment in BRK - and a great band of new friends. We still try to keep in touch.