Subject: Re: Smead Capital sells out of BRK
<<"We sold the last of our Berkshire shares, says Smead Capital’s Bill Smead"

A) Buffett premium is gone.

B) An S&P sell off would hurt Berkshire.<<


So, he liked it WITH a Buffett premium at $540, but “the Buffett premium is gone”—so that makes it less attractive 10% cheaper…ok…

And an S&P sell off he worries would hurt Berkshire even though 70% of the company is not even invested in stocks, and BRK cash exceeds total stock exposure. But he worries about a stock sell off in Berkshire—more so than his other stocks. Got it.