As of 3/31/26 the MMF is the third largest position behind brk and jpm with 162 million. The control shareholder Stew Horejsi is a kid compared to Buffett, 88 years old, but he first bought brk in the 80s and is a billionaire because of his bet on Buffett. STEW still trades at a 21 percent discount NAV. Obviously an activist like SABA can't make a play on stew. However, if I was Mr. H and family, I would be thinking, the tax rates during this administration are the most favorable I will deal with, for the rest of my life. In the next 3 years the fund might make a move at a 5-7 percent discount to allow the family to face the tax consequences while trump is in office.

The betting sites currently have the Dems a 5 to 1 favorite to win the house in 26. The GOP was a 3 to 1 favorite to keep the senate last year, now for obvious reasons the Dems are now a 55-45 favorite to take the senate in 26.

The Dems led by Newsom and AOC are now a 61-39 favorite to win the white house in 28. Vance still a favorite over Rubio to be the GOP nominee. IF the betting sites are correct, again, Mr. Horejsi and family should be thinking of an exit strategy to minimize the tax consequences now.

James Carville and Steve Rattner may not be right, but they aren't full of sh$t. If the Dems control all three branches in 28, they will be coming after the tax breaks for the super-rich aggressively including but not limited to stepped up basis.

I bought stew below 17 this year. I'm hoping for increased buybacks or an exit plan by the family within 24 months. I still think BRK would be the natural buyer, but sharp guys I've called aren't certain with respect to complicated tax consequences for all if brk bought stew at say a 7 % discount to nav, in total. The funds unrealized cap gains are largely brk held long term.

Mr. H made a wise bet on Buffett not his successor's, what will the family do in view of the politics going forward.

Good luck to stew partners.