Sacks

But I also think that there's a pretty decent chance the market will be up.

But I also think that there's a pretty decent chance the market will be up.

Nat and I, when we're here in Portofino, we go in the morning to the fishmonger and we'll buy, you know, fish for the family. It is unbelievably expensive. And we always think to ourselves, how is it possible that folks can actually choose to eat healthy and local if they want to? It's next to impossible. What was a Branzino?

Nat and I, when we're here in Portofino, we go in the morning to the fishmonger and we'll buy, you know, fish for the family. It is unbelievably expensive. And we always think to ourselves, how is it possible that folks can actually choose to eat healthy and local if they want to? It's next to impossible. What was a Branzino?

You know, if you want to have locally caught sole, it's like 48 euros a kilogram. Wow. And it's expensive. Wow. It feels like more than a restaurant. Yeah. To feed a family of seven, which is what we are, you'll have to spend $150, $200. It's not sustainable. It's not something that makes sense for enough people anymore because that probably used to be $40 or $30. But Freeburg is right.

You know, if you want to have locally caught sole, it's like 48 euros a kilogram. Wow. And it's expensive. Wow. It feels like more than a restaurant. Yeah. To feed a family of seven, which is what we are, you'll have to spend $150, $200. It's not sustainable. It's not something that makes sense for enough people anymore because that probably used to be $40 or $30. But Freeburg is right.

We're in a real serious problem because it's like these systems have remained the way that they have been for a very long time. And while other industries like the tech industry have captured all these incredible efficiencies, but the problem is that then these other industries are what supports everyday people's everyday lives.

We're in a real serious problem because it's like these systems have remained the way that they have been for a very long time. And while other industries like the tech industry have captured all these incredible efficiencies, but the problem is that then these other industries are what supports everyday people's everyday lives.

And in the absence of a way to actually reduce cost and improve quality, you end up where we are today. And I don't think that that's sustainable.

And in the absence of a way to actually reduce cost and improve quality, you end up where we are today. And I don't think that that's sustainable.

I don't have much to say. I mean, I think it's been a trend in their letters when he stops mentioning a company in his letter, it's because he's selling.

I don't have much to say. I mean, I think it's been a trend in their letters when he stops mentioning a company in his letter, it's because he's selling.

Yeah. And that's what happened here. Okay.

Yeah. And that's what happened here. Okay.

I think that David is right that Freeberg is right that China thing could have impacted it, because he also sold a lot of BYD, which they've owned since 2008, I think. So that's a Chinese EV company. And so it could be just that that could have played a part. To be honest, I don't know.

I think that David is right that Freeberg is right that China thing could have impacted it, because he also sold a lot of BYD, which they've owned since 2008, I think. So that's a Chinese EV company. And so it could be just that that could have played a part. To be honest, I don't know.

Maybe, yeah. I could buy that. That seems like reasonably logical. I think the thing to remember, though, is that these decisions, I think, have been stewing for at least a couple quarters. Remember, that letter that he writes was not written yesterday, right? That was being drafted months and months ago. So these decisions were made even longer. So I think these decisions were made a while back.

Maybe, yeah. I could buy that. That seems like reasonably logical. I think the thing to remember, though, is that these decisions, I think, have been stewing for at least a couple quarters. Remember, that letter that he writes was not written yesterday, right? That was being drafted months and months ago. So these decisions were made even longer. So I think these decisions were made a while back.

Another reason, if we're going to play kind of conspiracy theorists is like, you know, after the death of Charlie Munger, maybe what he's starting to do is consolidate the book so that it can transition elegantly to Greg Abel when Buffett passes away. Let me unpack that for a second.

Another reason, if we're going to play kind of conspiracy theorists is like, you know, after the death of Charlie Munger, maybe what he's starting to do is consolidate the book so that it can transition elegantly to Greg Abel when Buffett passes away. Let me unpack that for a second.