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Berkshire Hathaway Part I
Acquired
67 - I'm Out of Step With Present Conditions
In 67, Ani wrote a letter to the partners saying he was 'out of step with present conditions' He had closed the partnership to new capital. Times have never been better, and he's never been more worried. But like, there is deep, deep analysis, and there's a lot of psychology going on in his head. So you think, this whole thing about insurance, the float, the flywheel and the operating business, is this insight that should drive him for five decades? You don't see it. Like, he's really worried at this timeo what started a few years ago: i don't know that i can invest all this capital in the partnership. I
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