Mood music'unoriginal thinking aloud.

Looking like Berkshire will find large acquisitions easier to make, as this higher rate environment pushes the tide out.

Opportunities are already starting to emerge and the pendulum may have only just begun to swing towards the fear setting.

Take Legal & General in the U.K. GBP £12.6 billion market cap; 6.5 PE; dividend yield 9.27%. I had a look at their annual report. Beyond my ability to understand but Berkshire would easily understand it. No idea if it's a good buy. Just providing an example, of the things around the world, that Berkshire will be watching closely.

Another business, Lego, would be a great buy for Berkshire. The FT did a fantastic article on it last week. Family owned. Maybe some day it will need a home. Who knows. Berkshire would be the perfect place. Adding to its toy segment! We live in hope.

Anyway, one of the positives of the current dampening of animal spirits: Berkshire may get a lot bigger, sooner. Interesting times may be upon on soon. We will see. The sell offs in the last few years have been either short lived, or mild. I'm not wishing for it, but Berkshire is built for moments of real fear. It's been a long time since people got really scared and did indiscriminate selling.

Note to self. As Buffett has said in the past: you won't like when we allocate the excess capital. Stay strong.

Let me know your thoughts on Legal & General and Lego.