David Rosenthal: uncertainty

Transcript context

…Right. Getting back to that point that I made earlier around identifying things in the market that not only have less risk but actually exclusively have less risk than the market perceives them to have when you act. I think I was foreshadowing power there where there are things where Berkshire uniquely could have acted, and therefore save the company, gotten the deal that they did, were able to join the board, whatever the thing is. I'm trying to figure out how to quantify that. So WaPo, Salomon Brothers, these were things that Buffett could uniquely do in an advantaged way versus their competitors. Their competitors being all other capital and why. WaPo, Buffett had to fight his way in. Maybe that was part of developing this power. Kay was sort of scared of him at first and certainly reluctant, and then Buffett fought his way in. I don't know if that was a power, but then once he was on the Washington Post board and the mystique of Warren Buffett had started to grow, then I think maybe it became something defensible. Yeah, it's a great point. Normally here I would move us on to playbook. I literally think we had discussed every playbook theme during the narrative, during history, and facts that I possibly could have brought up here. I have nothing to add in the playbook section of this episode.…

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