Subject: Jim Sloan: Berkshire For Recessions
Berkshire Hathaway Can Serve As A One-Stock Defense For Recessions And Severe Bear Markets

"While I own an insurance stock, two consumer staples stocks, two health care stocks, and two defense stocks - none of them are highly correlated to the other sectors - my ultimate defense against recession is Berkshire Hathaway, which is also my largest position. I am comfortable owning six times as much Berkshire as my next largest position because Berkshire is internally diversified and possessed of both an excellent credit rating and a fortress balance sheet. While Berkshire has single-stock risk and key-man risk, both these risks are well known and accepted by sophisticated investors, including many who have left comments on my many SA Berkshire articles. Berkshire's leadership has a deep bench and succession has been dealt with in a way that inspires confidence. One other virtue is that the winners overpower the impact of less successful acquisitions just as they do in cap weighted index funds"

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