I’ve taken some time to think about the recent MKL news. Well, the 10% spike in MKL price ($2063) after earnings has all but disappeared with 8 straight days of losses. As a decade long owner, imo MKL wants to be a BRK, but continues to fall short in judgement, decision making, execution, results and market reaction.

I like Tom G. and some mgt people I have met, but I do have less faith in Tom and senior mgt if Jana is stepping in and throwing it’s weight around and expensive outside consultants and experts need to come in to help them find more efficiency, optimize allocation and structure & help them look more closely in the mirror.

Warren & Charlie would not need to nor ever go down this need for consultants road, and it adds doubt in the faith of mgt who I’ve visited with a few times in Omaha. BRK has returned ~200% vs. MKL ~100% since ownership a decade ago.

I tried to sell a bit of my MKL but missed my limit order after the spike & reading their recent note. It’s fallen each day since. The plan now is to do even more homework, attend the MKL events in Omaha and chat with a few folks in the know and then just noodle on things. To be honest, my trust and faith are a bit weakened in MKL…and strengthened in BRK. It’s not easy executing the Berkshire formula.