A few years ago I made the case for long brk short spy, that trade worked well.

Now, the smart trade is long brk short spy and other indexes that are, obligated, to add the hot IPOS to their indexes, regardless of price, 3-6 months after they start to trade. These offerings have very small floats. For YEARS I've discussed the difference between issued and outstanding and FLOAT, with several old timers here. Today, I would rather try to convince certain friends and family members that Trump has not pitched a perfect game and he's making way too many unforced errors than debate several of these financial issues.

I'm looking forward to Jan 1 2027 and 4/1, 2027. I want to see the top 10 - 15 holdings of SPY and QQQ. What percent of those indexes will have top 15 holdings with no with profits and no dividends? What percent have been public less than 2 years? Google the top 10 holdings of SPY in 2012. Any names you recognize? Any dividend payers with a track record of decades of audited financials?

THIS is NOT the SPY Buffett vigorously suggested years ago. I would love for Buffett to call Becky and share his current thoughts on SPY with respect to current valuation, current concentration, new inclusion rules etc, Perhaps he will shock us one last time and make that call ASAP.

Greg, aka, brk has no, obligation, to buy anything. In fact, IF, IF, Greg has any interest no doubt he can buy 500 million or so of any of the offerings he chooses at the IPO price or even invest pre-IPO. Which position do you prefer, the indexes that are REQUIRED to buy hot IPOS in the aftermarket regardless of price, that have VERY small floats, or Gregs seat at the table?

Good luck to all, I've made my call and the case in real time, I'll revisit this post in 6 months, a year, and down the road.