Subject: Re: 20 Year Review of Berkshire
'1. The future rate of growth in per share book value?
2. The damage done by inflation, if any?
3. How much of a share of profits will the Government decide to take?'

EVBMM,
Good questions and of course I do not know the answer! 70% of my investible assets are in Berkshire. I anticipate BRK's ROE 10% over the next decade. I just love the conservative nature of Berkshire and it's productive assets and structure built to last- insurance, $150B in equity like float, BNSF and huge growth in BHE, MSR, $110B cash, and enormous flexibility in allocation including very rational buybacks. Just seems it has been built so thoughtfully for many decades by WEB and CTM.

After reading Jim's posts and watching WEB's annual distributions to philanthropy, I plan on trimming (in my draw down phase) some shares when prices are sensible and hope the recurrent earnings growth and price appreciation will compensate for those occasional sale of shares.

I believe WEB has given away nearly $50B in BRK shares since 2006 when I believe his net worth was around $45B. His current net worth is around $105B despite giving away nearly half of his shares to philanthropy. This approach seems reasonable imo especially if one trims are at an higher Price/Peak BV.

My amateur guesstimate is US inflation may decline to 4% or so over the next 6 months and ultimately 2.5-3% in 12-24 months but who knows. My bet is US corporate taxes will rise when the 2017 cuts expire in 2025, but I hope I am wrong. Regardless of inflation or corporate taxes, I think BRK will do pretty well.

Thanks and eager to read Shrewdom commentary. Thanks and Happy Holidays to All!