No. of Recommendations: 5
I'd like to send this post to Ted Weschler to get his point of view of his investment in DVA. I'm guessing that Jim and Ted see this investment from a different perspective.
I'm sure he's smarter than I am as an investor, and unimaginably more informed about the firm, so he's probably right and I'm probably wrong. Berkshire has made money on it, after all. (Though it has underperformed the average S&P 500 firm in the last 5, 10, 15, and 20 years)
They have in effect a regulated duopoly going, so their industry won't disappear unless/until the laws do. Business longevity has a special value, fair enough.
I'm just saying that, beyond that thin gruel, if the firm has particular charms as a business to own, they are beyond my personal ability to perceive them. And I certainly wouldn't want to be in business with them.
Jim
