Shreya Murthy

And top tick crypto has pivoted to the memory trade and says the memory trade can't keep going because the hyperscalers can't spend more than 100% of cash flow.

And while Google would like a word because they can spend more than a hundred percent cashflow because they can raise equity and they can raise debt and they can get all sorts of money from all over the place.

So what else is Berkshire doing these days?

Berkshire is investing 10 billion into Google and a private placement as part of the

broader $80 billion equity capital raise.

Warren Buffett is here watching Greg Abel take 10 billion of money that he painstakingly made over his entire investment lifetime and put it into Google at all-time highs.

I don't think this is an accurate reaction to Warren Buffett because this play worked with Apple and Google's in a fantastic position to continue doing this.

Ben Thompson broke this whole thing down comparing what

Warren Buffett had done with See's Candy to buy a railroad, which is a fascinating example.

So they bought See's, Berkshire Hathaway bought See's Candy for 25 million when sales were 30 million.

So less than a one X revenue multiple.

Pre-tax earnings were less than five million.

So they paid roughly five X pre-tax earnings, so EBITDA.

The capital then required to conduct the business was $8 million locked away in See's Candy.

Then they had some seasonal debt, but generally the company was earning 60% pre-tax on invested capital.

$5 million out every year, $8 million locked up.

So last year,

This is from 2007, the shareholder letter.

Last year, C's sales in 2007 or 2006 were $383 million.

Pre-tax profits were $82 million.