QuestionerHas the recent market volatility presented Berkshire with opportunities?
WarrenWhat has happened in the last 30, 45 days, 100 days, whatever you want to pick up, whatever this period has been, it's really nothing. There's been three times since we acquired Berkshire. The Berkshire has gone down 50% in a very short period of time, three different times. Nothing was fundamentally wrong with the company at any time, but this is not a huge move. The Dow Jones average at 381 in September of 1929. It got down to 42, so that's by going from 100 to 11. This has not been a dramatic bear market or anything of the sort. I mean, it's like pointed out if I've had 50 trading days a day, you know, for over many years, I've been old enough to trade stocks. I've got 17 or 18,000 days. There's been plenty of periods that just are dramatically different than this. I mean, when the day I was born, the Dow Jones was at 240. And my first, that was August 30th, 1930. And between that and the law, it went from 240 to 41. I mean, that's, so if people think that it needs your change, it didn't, if it's gone up 15% instead of down 15% people think they take that with remarkable grace. But if it makes a difference to you whether your stocks are down 15% or not, you know, you need to get a somewhat different investment philosophy, because the world is not going to adapt to you. You're going to have to adapt to the world, and you will see a period in the next, certainly in the next 20 years, you'll see a period that will be in. Somebody in the market described one time as a hair curler compared to anything you've seen before. I mean, it just happens periodically. The world makes big, big, big mistakes and surprises. happen in dramatic ways and the more sophisticated the system gets, the more the surprises can be out of right field. That's just, that's part of the stock market. And that's what makes it a good place to focus your efforts if you've got the proper temperament for it and a terrible place to get involved if you get frightened by markets that decline and get excited when stock markets go up. I don't mean to sound particularly critical. I mean, I know, and people have emotions, but you've got to check them at the door when you invest in.
OtherOkay.