No. of Recommendations: 3
Menachem: I hear you but just to play devils advocate a bit, consider these:

1) Global energy infrastructure is a different beast than is US energy infrastructure. But even there, check out the last few 10Ks from BRK.B and see how very well they have done with alt. energy in the midwest. I do hear you but the play is larger than the US market, and the US market is more diverse and interesting than might be accurate represented by your worries here.

2) For both commercial and residential real estate markets, there can certainly be a case made that there is money to be made at the bottom of the market ( or in a rebounding market, even ) for buyers that are well managed, liquid enough so that banks will deal with them, and liquid enough so that they have time. On the commercial side, I've been treated well by ROIC and PEB ( and I'm confident BAM ). And JLL is one of my most cherished holdings ( admittedly, i got it for a song ). I find it really interesting to see BRK and BAM's eyes, ever in search of discount assets, are looking to res. assets. Again, i do hear and understand why a person would want to steer clear given all that has befallen real-estate; but at the same time, are you so sure that you'd discount the fact that some of the best asset folks out there smell value?

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