Berkshire’s Float, Old-Testament Discipline & the Leviathan Strategy: Lessons from 2019 Berkshire Letter Part I
LonelyTrek decodes Buffett’s 2019 letter (Part II)—negative-cost float, Old-Testament underwriting, BHE-BNSF leviathans, equity vs bonds, post-AI macro chaos—and the mindset to survive 50% crashes.