who stands to gain from general economic and capital markets
uncertainty? I’ll tell you – those who have balance sheet capacity and
abundant liquidity to pick up bargains while others are suffering.
Where capital was once incomprehensibly cheap and available it is now
both dear and scarce. And this about-face took less than six months to
unfold. Quite simply, capital is no longer a commodity.
Berkshire Hathaway was the first name to come to my mind, but Roger has others.