You can easily see how risk-averse Berkshire is. In the first place, we try and behave in such a way that no rational person is going to worry about our credit. And after we have done that, we also behave in such a way that if the world suddenly didn’t like our credit, we wouldn’t even notice it for months, because we have so much liquidity. That double layering of protection against risk is as natural as breathing around Berkshire. It’s just part of the culture.
