Berkshire will not be able to sustain the double digit returns it has generated to date; the universe of potential deals for them is just too small (because of the size needed to move the needle).
We need a strong head of regulation, not more agencies or a more complex regulatory structure.
I have nothing more to add.
 Okay, giving props to Riley was a little weird, but She happily waited on the Mall in D.C. to watch the Pope drive by; She didn’t complain the only time I cut class in law school to buy Bruce Springsteen tickets. She gets all googly when she sees big name in horse showing (actually the Boss hangs out at those too).
 Just in time to hit the middle of Omaha’s short, but intense Friday evening rush hour. Where were all those people going in such a hurry? Nothing is more than 15 minutes away in Omaha.
 They were protesting a hydro power facility; Dave Sokol, CEO of MidAmerican Energy handled their questions with dignity and aplomb. He’s on the short list to succeed Buffett.
 I bet you did not know how to spell “fuchsia” which is derived from the name of the scientist Fuchs.
 Including Bill Gates, 2nd richest man in the world, made me wonder momentarily about the low level of security.
 Referring to BRK’s PetroChina trade, Buffett explained that after reading the annual report and based on his knowledge of the oil & gas business, he concluded that PetroChina was worth about $100 BB, but the market cap was only $35 BB. BRK invested $500MM and cashed out for $4 BB four tears later. It didn’t matter if the real value was $95BB or $105BB; just like it doesn’t matter if the guy weighs 300 or 350 pounds; PetroChina was fat with potential and skinny on risk.
 He actually said this at the Wesco Annual meeting the Wednesday after the BRK meeting, but it illustrates his frustration with the mismanagement he sees as the root cause of the mortgage mess.