so.

Berkshire Hathaway Credit Risk, Index Puts Are Overblown Worries

Would it be possible that you are missing a couple of other items
that could be the reason for the decline? How about the loss in
value of its equity positions? The preferred warrants are underwater,
investors are questioning the viability of GS and its business model,
and the fact that many times investors sell what they can - brk is
not the most liquid of investments. Given WB's age then how many
PMs are willing to stick a large chunk of their assets on a bet of
immortality, or at least surviving thru the existing bear market. There's
alot of net-nets and more everyday that offer a potential better
value.

As smart as Ben graham was he lost something like 75% during the
29-32 bear market. It wouldn't be impossible for WB to endure the
same sort of loss if stocks declined further...though I'm not suggesting
they will.