I've gotten to work with and peek into some Berkshire Hathaway-owned companies, and it's remarkable how little the center

influences.

I had the real privilege to study in college under one of the pioneers in university endowment management, a gentleman named David Swenson, who sadly isn't with us anymore, but he really...

I think made his mark on, you know, not just the large institutional investment community, but even on the common person because he wrote a book in 2005, I think, called Unconventional Success.

And he was one of the first large active managers to really advocate that every person go passive.

And of course, Jack Vogel did that with Vanguard 20, 30 years before.

But here was a guy who'd made a ton of profit for... a school where I went and learned under him telling people like me, you know, don't do as I do as I say and go passive.

But who should answer that question? Should it be the internal strategy team or should it be an outside consultant?