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Kass: My Berkshire Q&A Recap

Unasked Question No. 4 -- Missed Deals?

Over the past five years, you have mentioned that a number of deals that you worked on have never come to pass. I assume you signed confidentiality agreements in which you can't disclose the names of the companies. What industries did you pursue and why? What is it about the deals that attracted you and what business qualities/profiles were you looking for? If they don't have something in common, can you pick one, even the most important one that you missed and didn't get?

Unasked Question No. 5 -- Regrets?

Q: Mae West also said, "You only live once, but if you do it right, once is enough."

But everyone has regrets. What business regrets do you have?

Unasked Question No. 6 -- Is Your Optimism Justified?

Mark Twain said, "The man who is a pessimist before the age of 40 knows too much -- if he is an optimist after it, he knows too little."

You seem to be growing more optimistic with age. In a new normal world, what do you see that makes you so optimistic?

Summary

Based on my previous company analysis, the recent quarterly results and after listening to the response to my questions from Charlie and Warren on Saturday, I remain resolute in my view, and I plan to remain short on Berkshire's shares.
At the time of publication, Kass and/or his funds were short BRK.B, although holdings can change at any time.

Doug Kass is the president of Seabreeze Partners Management Inc. Under no circumstances does this information represent a recommendation to buy, sell or hold any security.

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