Agree, Chris is terrific. His wisdom, work ethic and rational approach to valuation and portfolio construction shine through. Would have honestly appreciated a more granular BRK discussion but his letters certainly are very thorough in this respect, and it was good to get more insight into his background and successful character traits.

Interesting, he said he would give Apple a $50-60B haircut here and felt that he would trim the position at this valuation. He has suspicion of ARK names, Tesla and Nvidia at these valuations. He also said he has rebuilt his DG position to 'very big' over the last few weeks based on attractive valuation. He still seems confident DG will turn things around and knows the board and upper mgt.He mentioned VLO, DINO, OLN, NKE.

He suggested possibly 5-6% ROE of S&P over the next decade vs. 10-12% for BRK based on current valuations. He emphasized importance of opportunity cost, trimming quality names upon overvaluation and he certainly considers tax consequences of the particular account. His turnover is typically 15%/ year and he may only add one position/ year.