I concur with all points, Tex.

And I think we have reason for optimism on multiple counts. Uncertainty is over, Abel has proven he clearly has the skills, attitude, temperament,and integrity. Buffett has been able to witness this first-hand on the job. For several years.

Both of us go back to when Berkshire was a different animal. It WAS then what the public incorrectly thinks it is today: principally a collection of investees/stocks. The fact is we saw Warren gradually transition this over a quarter century to principally a collection of wholly owned businesses (is it 80+ Now?)with a stock portfolio. That’s what we are today. In both cases nothing matched Insurance.

That transition took a long time. And, frankly, it’s often been quite bumpy.

I actually think the THIRD phase is set up to be substantially better than the present phase. And Greg may be a much better man for THIS job than a 93-year old Warren. Or an 65 year old anybody! Our subsidiaries have needed a LOT of work. They’ve collectively underperformed. For years. But they are fundamentally, generally, excellent businesses with strong moats.

The magic is: Warren has set up a prolific cash generating stream even with Burlington, GEICO and other major subsidiaries in the process of righting their ships. Abel can really go full blast tuning this thing properly. The MASSIVE asset collection of the past quarter century is gonna get finely tuned. Sure, We’re gonna incrementally add an elephant or 2 but what we own, the largest capitalized businesses in the USA ..Will PERFORM at a level Buffett envisioned. But has never seen fully blossomed.

Charlie was the architect of Warren’s house. Warren was the architect of Greg’s house. Those who say “how can Berkshire get much bigger—it’s so big”. This is a world with $2 and $3 billion standalone companies. Berkshire is valued-less than ONE BILLION with multiple S&P 500 equivalent subsidiaries, dozens of other subsidies and a tidy $350 Billion in stocks. It can grow ALOT.

We are at the beginning of something. Phase 3. And it could be the best Phase yet. Berkshire. OPERATING. Per share progress and earnings could run far far ahead of revenue growth. What Cook did at Apple can happen here. Greg can get us there. It’s a phase he is the perfect guy for imo.