Curious George

Berkshire Hathaway Credit Risk, Index Puts Are Overblown Worries

While I would agree with you that the market is overreacting to BRK's exposure - I am perplexed by what seems to be an inconsistent approach in your treatment of BRK and others who have been involved in the financial guarantor business. You have ripped MBIA, ABK and others a new one and been a contributor to their sensationalism (while being short their shares). They no doubt deserved scrutiny and much criticism for the mission creep and they are paying a heavy price. But, your logic about mark to market relevance for BRK appears the opposite of your treatment of the others. While Warren Buffet may have been a better underwriter of risk, the reality is that on an MTM basis he has made a serious investment mistake. He should be treated the same way that the others were by Moody's et al. (Assuming Moody's is independent enough to view their largest shareholder with an independent eye.)

I am a big WB fan and I believe he will make money from his decisions. But, let's be consistent in our treatment. Good luck navigating this storm.