Shane Parrish

If that makes sense.

Did the management team do what they said they were going to do?

The balance sheet changes over, you know, like he was a very, he had a different emphasis on things than people, I think, realize.

And I think with a lot of his investments, I mean, my personal take is he was looking for predictability.

And it wasn't about massive disruption.

It was never about things being turned around.

He got out of that in the late 60s.

with diversified refilling was the last real turnaround situation they sort of got themselves into.

They exited quickly.

They didn't really get burned, but I was talking to Munger about this over dinner one day and he's like, we just realized that we made a mistake.

We were never going to make a lot of money in this business and it was highly competitive and we had no edge.

And so they got out as quickly as they could.

And I think that the predictability of what he buys, at least his long-term holdings, like if you look at that, I think it's really interesting because it's like, you can kind of see it, the railroad.

These are going to be using the railroad in 50 years.

That's a great example.

So it will be unbelievably difficult to build a competing one.

But you can also, you can lever it if it's predictable.

And leverage is this interesting thing where he says they don't do a lot.

And they don't when you look at the whole company.

But on the railroad, for instance, they'll put...