The Trade-Off Between Intuition and Rigorousness

A lot of people are copying the Berkshire model and there's probably more competition to be on mini Berkshire than there is to be Berkshire Hathaway itself. But also there are a whole lot more value investors who are also looking for cheap insurance companies that they can take over and use as a platform for building a conglomerate. And it does become this more intuitive set of questions where now you are not just modeling what do other investors think, but you're also modeling what do the managers of this company think? I think there's an important part of the mental model that you should think about.