nola, before I go, any theories with respect to why Buffett refuses to disclose which trades are his quarterly? Thank you, you have two hours to think about it,lol.


I think he wants to disclose as little about their proprietary investment decisions as he is allowed to. He also wants to protect the other managers from public scrutiny and second guessing. I think most people can figure out which trades are Warren-sized and which are smaller. The other managers have a "style" so you can usually guess which trades are Ted (usually anything retail, Floor n Decor, Ulta, RH, Liberty stuff, DVA obviously) Todd was probably behind HEICO, Capital One, Snowflake, Visa, Mastercard, PCP, etc.)

Where it gets more mysterious is the positions like Citi that are kind of small for Warren and big for T/T. I personally believe through some clues that Citi is a Warren Buffett pick even though he has exited most of this bank investments.

Sometimes, when a trade is a stinker like Paramount - Warren will fess up that it was his loss, don't blame the guys...

Basically, it is Warren's job to judge Ted and Todd's process and results and anybody else's. We don't need to micromanage it as shareholders.