On this basic subject, BRK going forward, I've elected to share.

Manlobbi encourages us to post more detailed comments - and he even has fun by awarding score points. It's all about his efforts to encourage board participation via various awards. I admire what he's doing, so I've decided to try help to do so. Good guy. Smart.

*******

But I will diverge for a moment. It's easy to back calculate the number of people responding to a post by Manlobbi's statistics. But occasionally we get a widely recommended post that better indicates the number of folks actually reading sometimes. It's about twice or more of those who regularly read. And only 20-25% or so who read actually recommend.

I've never felt restrictions on being able to recommend. So I use the tool:

o I use it to recommend posts that teach me something new - and maybe important.
o I use it to recommend correlations of the past - saving me the effort.
o I use it to recommend posts that also try.
o I use it on posts that are obviously new entries, so don't know what's new.
o I recommend it to posts with important new subjects, worth comments.
o And maybe I sometimes just encourage folks to keep going without recognition.

Give me a limit, and I'll be more selective. Don't cut me off, and I'll try to encourage wider participation. So, if you're reading - goddammit - contribute sometimes. From past experience with some long ago names, there's a lot of smart people who could help us with their participation. Why stay so silent?

******

with that intent, I've decided to share a recent private email, lightly edited, to another good friend on this board. My frank views on BRK going forward. But nothing I haven't said before.

"Buffett is a more complex man that he shows via his lovable wise uncle image. He's basically run his whole life doing things he enjoyed and avoiding things he didn't enjoy, be it business or family. Even after retiring as CEO, he still shows up at the office every day because he enjoys it - and, unlike Munger, apparently not much more. What if Saban showed up every day at the Alabama football practice, even if he just set in the stands? It's time to stay out of the spotlight concerning BRK's business and even his philanthropic activities. That may concern some long term shareholder's comfort levels, but they need to move on past that also.

I do think BRK's in better hands now. And I think it must also change some going forward in terms of business strategies.

Getting more efficient and competitive in owned businesses is an obvious need. What must be thought through is competing for investments.

The basic strategy remains for insurance and owned businesses to throw off capital and for HQ to find homes for it. The latter approach has been to wait patiently for opportunities, and then pounce in a big way. Just as Exxon is a "price taker" in terms of oil prices, BRK has been a "market taker" in terms of investment opportunities. And Buffett focused on predictability and proven track record is sorting through these.

The other investment strategy was to be the ultimate provider of capital during financial crises. In both cases, it was a "take it or leave it, one and done" offer with no negotiation. I think that must evolve. There's too much capital availability now to just wait. And a Fed determined to always back up the big banks - who in turn back private equity. We need to become more competitive. And not overwait, holding cash instead of buying BRK.

I feel that Greg understands this and will move in that direction. I don't want Buffett sitting in the stands and seeming involved in every move. Let the board be seen as the overview, not the board chairman. If Buffett truly trusts Greg, show it.

During my working days, I was involved in several acquisitions and mergers. The new rules had to be shown by actions within a relatively short period - maybe six months - or people assumed the old rules still applied. Some liked the changes, some didn't. The latter had to adapt or move on. I think we're somewhat at a similar point with BRK. Maybe not that quick, but do enough to show that things have changed.

Right now I'm basically blocked by capital gains taxes to make any investment moves. I've told ******** (daughter) and ***** (SIL) to not feel locked into BRK when I pass. It's a good place to stay rich and compound tax-deferred. But they'll still have circa 35 years to cope with in a rapidly changing world. Don't be afraid to look ahead and take some risks.

I should have done more myself along these lines. "