Subject: Berkshire's decline
I have been a loyal shareholder of Berkshire for almost four decades. Not long ago I stated on this board that I thought Berkshire was the best company in the world. (Although Warren stated that Apple was a better company than Berkshire and that BHE and BNSF were good businesses, but not great businesses.) I think that Berkshire is in decline, and that that decline will accelerate with Warren stepping back. Kraft-Heinz is definitely not what it started out to be. PacifiCorp may go bankrupt if, or rather when, there is another fire. GEICO has declined in quality, and OxyChem is a minor player in a mediocre industry.

Berkshire still has some wonderful businesses and investments, but the direction is not good.