Dan Kent

And I think for, you know, a lot of people who are, you know, angry, they aren't deploying a ton of capital.

It would kind of be a fundamental shift in their strategy to do so.

I'd kind of be more worried if they did.

Like if Abel took over and they started dumping a whole bunch, like if Buffett thinks the markets have been overvalued for three years or so here and then Abel takes over and they're spending a ton of money, I mean, that would kind of worry me more than the mentality they're taking right now.

And I think...

Like too many people are just kind of thinking over the next year, few years or whatever.

I mean, even management teams do this, but I think Berkshire has always been a management team that thinks in like literal decades, like they don't care what the markets return over the next year, two year, three year.

They don't mind underperforming.

over that timeframe because they know there's going to be an opportunity eventually, even though it's like, it doesn't seem like there's going to be because all the markets have done has gone up.

I mean, despite a short duration, they go up until they don't.

It's one of my larger positions.

So I haven't bought it in quite a while, but I might have if it continues to dip.

Yeah, and the insurance... Yeah, go ahead.

Well, here, I'll go like on the buybacks for like Berkshire...

They authorize buybacks at like a certain book value typically.

So I think for a long time it was 1.2X book and now I think they go 1.4.

So it does make sense.

Yeah, so for those wondering why they would assign this book value, it would just kind of be the value that they believe is the intrinsic value of all the underlying businesses.

So a lot of people might think like, why would that not be under book value?

And the main reasons for this is some of the acquisitions they made decades ago are still on the balance sheet for, for purchase price, despite generating like massive, I can think of Geico as one, like it's a massive part of the business now.