Andrew Barry at Barron's does seem to understand Berkshire more that the average journalist...he had an article a while ago comparing Berkshire's PE on a look through basis to the S&P 500. And now this look into underwriting history and Q3 minor stumble is impressive.

My son sent me the recent FT article on Berkshire "Warren Buffett's Apple trade exposes Berkshire's dilemma". Essentially it was saying Berkshire can't find anything to buy and that is a problem/dilemma. I guess it is: unless there is a big market event - if that was to happen things would look very different...obviously.

Everyone gasping for air and trying to fit through the tiny exit door and calling Warren and Greg on a Sunday afternoon begging for help...no one is wishing for it, Warren's not predicting it and no one knows if and when it will happen but if it does Berkshire is prepared financially and psychologically. Patience and aggression.

And earning 5% risk free isn't that bad when you are already rich...

Berkshire Hathaway FAQ

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