You're going to die tomorrow (sorry!) and your spouse knows nothing about investing.

It has been predetermined (for whatever reason) that (a) the spouse's retirement will be funded entirely through periodic small portfolio liquidations (plus whatever dividends they throw off), (b) no index trackers are allowed, just a tiny number of individual equities, and (c) at least one pick has to be ex-US. Punch ticket perpetuals.

In this context, current valuation levels aren't very important.

Other than Berkshire, what would you have in the portfolio?

Jim

PS
no, I'm not sick : )
It's an interesting approach to security selection, and an instructive one. Sometimes, as in the case for Berkshire's portfolio, almost nothing matters more than the number of years that the stock will be generating value, a non-falling amount after inflation, which I learned from pondering the BNSF acquisition. It's the ultimate way to plan for Rule #1.