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Dear Michael,

Even though Elon Musk's personal cashola is not represented on the books of Tesla, it is the elephant in the room.

He is a fighter and when needed he commits his personal fortune to back up the promises he makes on behalf of his company Tesla.

If you factor in his reported multi-billion dollar net worth as the backstop for this company, the long term potential for this company changes.

Musk's personal wealth relative to the market cap of Tesla is far different than WEB's personal wealth versus the market cap of Berkshire.

Musk's time and wealth commitment to Tesla is similar and yet different than Warren's to Berkshire.

1. Both men focus on their businesses in a truly obsessive way. Warren and Bill Gates would call that way of working, "focus".

2. Both men look at more than the accounts, they see the big picture and have x-ray vision to see potential that others do not see.

3. Both men eat their own cooking. The difference is that Warren is risk averse and more so as he ages. Elon "looks through" to the importance of making a difficult business concept work even though the risk of failure is high. In my mind, Musk reminds me of the tenacious behavior of WEB during the fight for the life of the Buffalo newspaper. Warren doesn't choose a business that is risky, but if a business he chooses becomes risky and he needs to save it, somehow he finds the people to help him fix the troubles and he never abandons that sort of fight. Elon, doesn't delegate so much, he fights his own fights and fixes his own companies' problems, but he is tenacious as well. Both men are devoted to not going back to "go" (monopoly analogy).

4. Both men aren't interested in having their names on buildings, etc. It is the success of their work that will be their legacy.

5. If you read the Annual Reports written by WEB and Musk, you will see that they both understand the concept of "knowing where I am going to die and then not going there". Musk's lists of all the things that can go wrong for his companies are fully negative and thought out in his SEC filings. Neither men, would ever put out the sort of aren't we wonderful, PR nonsense that is meant to sweep the cash of folks who are too short of time to think deeply about their investments into their SEC filings.

6. Both men realize that if the CEO does not have character, then the business is in serious jeopardy.

7. Although they both stick to their knitting, they both knit very differently. Warren knits well and slowly, Elon knits well rapidly enough to win the Guiness record for speed. But both knit slowly when slow knitting is required.

There are more analogies to be made, but in case I start comparing the Norwegian continental purl to the various other ways of successfully operating knitting needles...

I shall stop here.

Thank you Michael for your lengthy research into TESLA. Character, a history of success, dogged persistence and "eating your own cooking", constitute greatness in a CEO.

Don't ever underestimate a phenomenon; neither as a CEO, nor as a generous poster to this board. I look up to so many people on this board, but Michael is a true phenomenon. Isn't he?



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