does that lower the IV of Berkshire when he is gone?When you calculate IV, what rate of return do you use? Have you increased it because of WEB? I gotta tell you that at the current market valuation I have a hard time seeing a "Buffett premium".Will deals continue? I think the idea of keeping one's powder dry, building up cash and deploying it at opportune moments, elephant hunting, being greedy when others are fearful, and circle of competence are fairly well ingrained. I don't anticipate a lot of change.I may alter that opinion if I ever see the word "synergy", though.
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