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QuestionerHow often do you review each single position in your portfolio?
WarrenWell, that sort of breaks down into two periods of my life. When I had more ideas than money, I was thinking about everyone all the time because I was thinking about buying the next one and which one I would have to sell in order to buy something even more attractive. So my opportunity cost, as Charlie would put it, then was the least attractive stocked, which I would give up to buy something more attractive. So I literally, if I had $100,000 and it was all invested and I wanted to put $10,000 or $20,000 and something I felt was more attractive, I would be thinking all the time of which one of these do I unload. Now our situation is such that we have more money than ideas. And that means that we really aren't reexamining something every minute because the option is cash. not doing something that we really are excited about. We still think about the businesses we're in, whether they're wholly owned or whether they're partially owned through stocks. We think about them all the time. I mean, you know, we've got a lot of information filed away in our minds, and you keep getting little incremental bits about that company or the competition or other things going on. So it's, you know, it is a continuous process, but it's not a continuous process with the idea that daily activity or weekly activity or monthly activity is going to resolve. It's just we want to just keep adding to our thinking and knowledge refining it further about every business that we're in. If we needed some money for a very big deal, for example, let's say we needed 20 or 30 or 40 billion dollars and we had to decide to sell 10 billion of equities just to pick a figure, you know, we would use the information we've been collecting daily, which has it really meant much as we've gone along and then we would come to a decision about where we raise the $10 billion.