“ I suspect that Berkshire would be one of the few firms prepared, both financially and philosophically, to take advantage of that. So in the "unpleasant outcome" scenarios Berkshire's rate of trend growth might fall somewhat less than that of the broad US economy.”

That’s pretty much been your position on Berkshire for the time I’ve read your posts. Track the market during bulls and beat the market during bears. Produces a net long term win. Your big caveat is that you can boost the long term returns by buying Berkshire when it trades below average PB and sell when it’s near all term highs. You do that with options. I just hold and accept the long term market beating returns from my original good fortune of buying at a low PB.

My point is I’m not sure that anything you are saying here is any different than what you’ve been saying all along. The difference is that you are sour on the US now. Not sure the damage Trump is doing to the US economy will be any better for the world economy as a whole. So … where to hide? I vote Berkshire.