Jim, I think you're being a bit hard on professional fund managers with that last qualification, "... for him, not his clients."Clients themselves have preferences about safety and consistency of returns, and those preferences are often not the same as a pure value investor.Though I appreciate that, in my experience as a money manager few investorsprefer to buy shares at ~$134000 rather than ~$130000 the same day.Not even the client who enjoys smoothness of returns.The major change was an increased price and a firmer short term downside.It appears to me that the major beneficiary from increasing allocation after that, because of that, is the manager rather than the client.Of course Mr Tilson may not have all that many clients; I can but imaginethe discussions regarding the tax hit to those who had him sell outof Berkshire and then buy it right back again when he parted ways with his partner.Again, trading for the convenience of the manager rather than the client.Jim
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