Subject: Re: BRK Energy Bonds
Berkshire cash is in US Treasury bills (< 1 year) and there's really no other market for Berkshire cash.

BH and BHFC debt and some sub debt is guaranteed by Berkshire Hathaway. Full faith and credit, haha.

BHE and BHE sub debt (PacificCorp for example) and BNSF debt is NOT guaranteed by BH. So it always trades at a discount to BH guaranteed debt.