Post #14981 by Munger_Disciple on the Berkshire Hathaway board

Stocks A to Z / Stocks B / Berkshire Hathaway (BRK.A)

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There would be no development in Pacific Palisades or Alta Dena if the local govt did not issue permits for housing. The privately owned utilities are heavily regulated by the govt. Plus LA DWP (Dept of Water & Power) which is local govt owned utility in LA failed to ensure water supply for fighting fires (the reservoir near Palisades was empty). The insurance market has been a terrible mess in California because of crazy Democratic policies in the state which Marks mentions in his memo.

So I definitely would blame the CA state & LA local govts for the disaster.

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