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I think what I'm kind of interested in is when Buffett and Munger are gone and people head for the hills - despite the successors being picked by Buffett, I think the initial response will be a drop and I remain curious about what direction the company heads in post-Buffett/Munger. Buffett has been one of the most successful investors possibly ever, but I would be curious if future subsidiaries have a bit more modern feel. BNSF rail continues to be a big positive for the time being and I continue to think that Buffett buys ADM at some point.
I believe the effect of the annual letter release is well known. The traders play it. It usually settles back in about a week according to some research I read.
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