> Is it not just a private equity fund It’s executing a private equity (and conglomerate) strategy out of permanent capital. That makes it more similar to Berk

> Is it not just a private equity fund It’s executing a private equity (and conglomerate) strategy out of permanent capital. That makes it more similar to Berkshire Hathaway than a private equity fund. (It is also less levered than most private-equity funds, though more levered than most companies.)