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I have been reading your posts for a long time, just not a big "poster" myself. I just thought I would chime in on this point that you make re. the money manager having other agendas. You are absolutely correct on this, and no you are not "being to hard on money managers". Tilson will love the fact that he now has a higher floor on the BRK position, offering safety on his investment(not sure if this will actually translate to a sense of increased safety at his investor level) Unlike the many investors on this board most do not take a long term view in thier investments. With the constant onslaught of market related news today it is no wonder. Investors placing funds for management tend to place far more emphasis on the nearterm returns than on what the manager is actually buying, or whether it is a good business - they may ask the question but seldom listen to the answer. You can consider the Fund Flow data showing the mass retreat from equities as a sign of shortterm investors voting with their feet. Whether you are buying a business, a car, or investing in whatever - asking "what is the agenda?" of the person(party) on the other side can be a very valuable question. It shouldn't necessarily change the decision - but it can be valuable information.

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