No. of Recommendations: 2
Not a very uplifting piece.
On Ted and Todd:
If Buffett can’t outperform with $250-300 billion, we can’t really expect anyone to. So it was not really that Buffett / Munger made a mistake in picking stock-pickers, or it wasn’t that Ted and Todd suddenly, upon joining BRK, became dumb. It’s just simple math.
We can't expect Abel to, either. And...
...so we are in the window of “probably between ten and twenty years from now…” where the directors “…will need to need to determine whether the best method to distribute the excess earnings is through dividends, share repurchases or both.”
