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Strategies & Market Trends : Buffettology -- Ignore unavailable to you. Want to Upgrade?

To: Michael Burry who wrote (2069)	1/2/2000 1:09:00 AM
From: Wright Sullivan	Read Replies (1) \| Respond to of 4691

Mike, Right, there's an element of the pot calling the kettle black here. I apologize for my comment about paying less attention to you. Yes, that was snide. I did think your initial comment was a bit harsh. Perhaps I missed the point. Well, I have owned BRK for, uh, seven years now (had to go count my annuals on the shelf). I'm not planning to sell anytime in the next five years. Can't be sure after that. Who knows what will happen then. If the price drops I'm liable to buy more. But I think most BRK shareholders ARE patient. And those who aren't will move on. Looking at your charts, I see your point. There are a lot of sellers out there, acting in lockstep with the market. I guess I'm still living in the pre-GenRe, pre-BRKB days when "us" meant a pretty dedicated lot. Most of "us" are still owners, but we don't visit the bazaar much to buy and sell our shares. At the bazaar we are vastly outnumbered by those who picked up during the GenRe acquisition etc. I own my BRK share in an IRA, and this may cause me to have a different time horizon from others. But I care not if it goes to $30k. I hope it does. Your point is taken. We're not in Nebraska anymore, Toto. We probably do have a BRK microcosm here. But I don't read much into one person's brief cheer. I'm glad to hear it, occasionally. We're blessed here that we don't have people posting every point rise (and silent on the drops, chuckle). But then BRK has never been that way. Let's talk about the business: Do you think that it should be valued the same as the rest of the P&C crowd, or does BRK still have the special sauce? I, for one, love what they are doing with Geico, even though their recent push has been expensive and hits earnings hard. I think they stand a decent shot at dominating the auto insurance industry in a few years. I have insufficient knowledge of GenRe. BRK's stock holdings have been criticized sufficiently in recent months. I'm OK owning KO, G, and that stuff. It's comforting to know they're priced somewhat more rationally now. I don't like to see another stock's overpricing reflected in my BRK. (That's why I don't own high-flying mutual funds). Regarding Jim's comments on WEB's market timing/holding of cash, I just don't know how much WEB is sitting on or what he's doing. But I do trust WEB to allocate my capital well. I don't need him to always "beat the market". The market is very manic right now, on a big high. And of course WEB could die next year. My dad says he would feel better about the stock if WEB would quit eating burgers and drinking Coke all the time! But I believe that what he does is not black magic, and I believe his successors have enough sense that the business will not fall apart in a day. (Sure, the price at the bazaar will drop precipitously, but after a few years it will reflect the new reality). The bottom line is that I am not a buyer of BRK yet, but I am close. Adding to my position must be at a very good price because I am increasing my risk by being less diversified. Look, I'm so doggone slow (and cheap) that I'm still trying to finish my position in JOE, and I have had a whole two years of low prices there. But that's another story for another board. As you say, Good Investing, Wright