No. of Recommendations: 2
I have more Berkshire than S&P these days and am mostly holding the S&P because I'd immediately be at 80 cents on the dollar if I sold.
Any "frictionless" trade happened a long time ago.
We can debate how stupid I am to let taxes impact my judgment.
Either way, I can't help but feel that Berkshire has a huge upside based on energy assets that is not being priced into the current P / BV levels. No numbers to point at, just smoke signals and animal spirits, but when I think about energy infrastructure, I can't think of a better play than Berkshire.
