David Rosenthal: belief

Transcript context

…You freaking efficient market hypothesis you. I'm definitely not an efficient market hypothesis disciple, but I think there are definitely market inefficiencies as this episode shows. But I don't know that Berkshire had any defensible ability versus others to see and then act on them. They acted on the ones that they saw, other people could act on the ones that they see. 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.…

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