I sense Mungo souring on Berkshire as a rock solid long term investment in the American economy. This is consistent with his souring on the American economy in general, so kudos on consistency. I’m curious where this economy will be in five years. Maybe Mungo is right and we will see the current administration accelerate the imperial decline of the US and watch as the center of the global economy shifts to Eurasia. Even in this bleak scenario though, the US economy will remain a giant for decades to come (barring global war and a great depression), and the portfolio of companies that Berkshire owns serving the pipes of that giant economy will continue to be essential. These businesses, it seems to me, will continue to spout cash. While buybacks may not be the best use of that cash in a stagnant economy, value generation is still likely if value investing remains the driving principle behind the management of that cash at Berkshire post Buffett. I have yet to see a shift away from these principles even as Buffett steps back from the day to day operations.

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