But they definitely own a ton of stock in companies that own real estate. 10 percent of their portfolio is in Bank of America, which has a huge commercial real estate lending portfolio. Berkshire doesn’t need to own CRE directly when they own companies that do CRE.

Commercial real estate is foundational in corporate finance. I guess I just don’t this argument that these huge companies aren’t somehow exposed. I guarantee you that if the CRE market tanks, Berkshire is gonna feel it too.