A fantastic summary of the quarter.

One comment on the equity portfolio.

As of quarter-end, Berkshire’s "Big Five" holdings accounted for approximately 66% of its total equity portfolio.

I have been a bit lazy tracking the equity portfolio and just using the "Big Five" and pegging the rest of the portfolio to the S&P500 change for quarter. I just didn't want to track all the small holding changes. It then expanded to the "Big Eight" (AAPL, CVX, BAC, AXP, KO, MCO, CB, GOOGL). That worked well until the five Sogo Shosha became a significant part of the portfolio. In Q2 the japanese firms were down about -15% while the S&P500 was up nearly +15% which led to my BV estimate being ~$5/Bshr too high.

After a quick update to my spreadsheet adding in the TSE tickers and a copilot prompt to retrieve the data, my BV estimate was within less than $1/Bshr. A reminder that even small individual positions can become a significant part of the portfolio as these five combined now make up over 11% of the portfolio making them the third largest holding. Greg spelled it out in the annual letter this year so I should have been more proactive.

Jeff