We Don't Want to Be Like Harvard

Clayton: We could have put all the money into a lot of securities that would have done better than the S&P in 2020 hindsight. He says Berkshire doesn't want to be like Harvard, which spent its last ounce of cash on private equity and suffered two or three years of absolute agony. Clayton thinks it's good if Freddie and Fannie are authorized to do more lending against manufactured homes. The company has an aversion to having a million plus shareholders who really have disproportionate amounts of Berkshire compared to their net worth.