Subject: Re: Hosking Partners on BRK, BNSF
While I appreciate the link and the bit about PSR, it's hard for me to take seriously any individual security analysis from a fund that holds 350 stocks:

The long-dated returns are rightly more difficult to value, but the large number of stocks in the Hosking Partners portfolio (currently in the region of 350) means that single-stock risk can be accommodated more easily.