As I don't even read nearly 200 pages of my own legal docs, I'll pass. But I'm looking forward to the actual AR on Saturday, and will read it carefully as usual.

This isn't so much an exercise in evaluating their financials but to look for little clues (and not-so-little ones). I remember well in the 2006 AR, well before the fallout of all the CDO nonsense but when it was brewing, there were six separate things I read and flagged that made me think "hmm, this isn't looking good for housing".

I'm wondering more and more with the ever-increasing cash position - obviously in raw dollars but possibly also as a bigger slice of the pie in overall assets if their equities sort of slog along - if we're seeing dry powder being kept for another lender of last resort scenario, but at an even bigger scale. Many of you will recall how Berkshire made some substantial loans at around 8-12% to Harley Davidson, Goldman, etc, maybe 15-20 years ago. They got some nice warrants out of that also. I would be pretty cool with seeing ~$250b of those written, in some sort of calamitous times.