Subject: Re: T & T port
Looks like combined, they are responsible for 13% ($33.8B) of the Berkshire's Equity holding

Just keep in mind that much of the capital Ted and Todd manage for Berkshire isn't actually "Berkshire's" money in the traditional sense, in that it isn't part of Berkshire shareholders' portfolio and doesn't show up in the primary financial statements.

Ted and Todd manage a significant portion of the equity portfolio (maybe the entire equity portion?) of the many pension funds at Berkshire subsidiaries. I haven't looked into it in a long time, but I would imagine Berkshire pension funds are in pretty good shape. Realistic expectations and a higher allocation to equities is how I remembered it breaking with the traditional approach.