Subject: Re: In view of what's happening in Cali
As Mark pointed out, even when they need money they rarely sell shares. They just use the shares as collateral for a loan. The shares increase in price faster than the interest on the loan compounds. That way they never have to pay anything in taxes.

Works well as long as share prices continue increasing.

Could become a sticky wicket in a declining market as Buffet’s tide goes out…… especially as rates and cost of renegotiating loans go up.

Those who build pyramids should not stow thrones…… or something.