Subject: Re: BRK: Why Not XOM?
Come on, brk is not a hedge fund nor mutual fund. The goal of T&T is to manage insurance float and get a reasonable return on the money that they may need to pay back in the future. It’s owner’s money. Rule number one is dont lose money. This is different from hedge funds where they need to maximize this year’s return to get the biggest bonus.

If Buffett wants them to chase returns, I suspect they can be more aggressive. But most short term alphas /quick money are done through shorting stocks or on the long side buy special situations or OTCs . These are not scalable to Brk’s size and has a none zero chance of permanent lose of capital