WARREN BUFFETT TRADING STRATEGY

Cash is king. We hold 25 to 30% cash and closed end bond funds with modest leverage and selling at discounts to NAV. Yes, there are a few index names. Our largest position is Kinder Morgan, an index stock. Other index holdings include Verizon, Delta, IHS Markit, and Southwest. However, many of our big holding like Roche, Iridium, and SoftBank canno