Frankly, I could care less about whether someone "connects with my value system." ... it's a difference between right and wrong.

Perhaps an entirely valid point, but probably one to be made on another board?

Personally I have no problem with a few discussions of possible implications for investing. If the headline corporate income tax goes up or down, it does affect the value of a company measured in dollars, and the value of a dollar.

Agree that we should try to keep the tone civil, and those of us who are happy with the results should make an attempt not to gloat but rather to sympathize with those of you who are upset with the results. The feelings will no doubt be reversed in future elections, so we will have lots of chances to empathize. And both sides should try to follow the Munger aphorism of challenging your judgments about the other side.

As for Berkshire's value, the corporate tax rate (almost certain to go to 15%, I would say), will probably give us another 6 points of earnings. But then there is also the issue of trade policies. While I am quite dubious of the advantages of widespread tariff barriers, there are a few companies who would benefit, and they would be companies based in the US that have a heavy exposure to manufacturing. I can't think of many companies that fit that bill better than Berkshire, with its railroad, its utilities, its oil and gas investments, and its manufacturing sector (Lubrizol, Precision Castparts, Marmon, CTB, etc.) I even wonder if today's 5% gain in Berkshire's share value is ENOUGH.

dtb