My take has been…this is bullish. This performance is valued in real time and serves as a baseline. Nice place for successor!

I alluded to this previously… in my post predicting Berkshire’s best days are AHEAD.

Our coming Phase 3 could be far better…far more profitable and efficient and even possibly more shareholder friendly than Phase 2. Profitability and per share progress should substantially exceed revenue growth.

More than half of Berkshire is operating companies. Look under the hood. Those companies have underperformed for years and are ripe for a major turnaround. I believe a well groomed operating guy with a great track record HERE, Greg Abel, is the PERFECT successor.

Not many think of Berkshire as a “turnaround story”. But it may be (the Op Cos).Starting from a very nice base—the country’s most capitalized/cash rich company. Hard to believe such a historically successful company has much room to improve. It DOES. The upside is much greater than the market thinks. And the downside is a lot less than most.

I still believe we’re at the beginning of something—not the end. Assuming Warren’s family, Chris Davis & other BODs can ward off the post Warren sharks who will seek to dismantle this structure in the name of monetization (heads I win/tails I win shareholders fwiw). I think Berkshire will survive for a very long time as we know it. I KNOW shareholders will do well.