1. What is the business of Berkshire Hathaway? How would you describe the company's strategy?
2. Below are the major elements of Buffett's investment philosophy. In your own words, what does each element mean?
   • Economic reality, not accounting reality
   • Account for the cost of the lost opportunity
   • Focus on the time value of money
   • Focus on wealth creation
   • Invest on the basis of information and analysis
   • The alignment of agents and owners is beneficial to firm value
3. What does the market seem to be saying about Berkshire Hathaway's acquisition of PCP?