Banter and General Comments .. BRK, page-10001

Disappointed in where the market chooses to value BRK. That doesn't of course mean that is a reflection of its underlying value arguably more appropriately underscored by its NAV. I'm also disappointed in the execution of the buyback (I want to see it accelerated)...I won't repeat myself with respect to that, I've said enough on it. That said there's got to be something going on behind the scenes that reflect the waterfall diagram above regarding asset sales, farm-outs &/or joint developments that will close the gap to NAV which you would recall is around 5c. It in likelihood will not be a deal that brings us to near NAV at this time as often these processes are a number of incremental smaller deals rather than a whole of company type transaction. That's what I'm expecting & I think we're very close now to having the first of those deals. I'm as fatigued by the inertia in the share price as many of you but underlying my cautious excitement is a real company generating large returns on capital, sitting in a large net cash position within a now very favourable commodity pricing backdrop. This has everything going for it. I don't want DP to sell it out 3c (I'm sure he never would) for a short term gain...that would leave so much upside to an acquirer esp now with WTI trading at $90 & in a cyclical uptrend. I've waited a while, I can wait longer because I know or as am sure as i can be that it will be worth it.

Disc- I have a comparatively large exposure to BRK (top 20) and my stated Sentiment reflects my on market actions this week.