Two Havens in the Coming Squall

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My portfolio, you understand, is not a monastery. It’s more a bustling bazaar, with roughly forty-five stalls displaying various hopes and anxieties. Should the market decide to take a tumble – a perfectly plausible event, given the inherent theatricality of finance – I’m not inclined to start dismantling the whole affair. Selling in a panic is for those who believe in prophecies, not profits. I rarely liquidate, unless, of course, a particular enterprise begins to resemble a sinking ship captained by a committee. One rule I hold dear: never abandon a vessel simply because the waves are high.

That said, not all ships are created equal. Some are sturdy, built to weather any storm, while others… well, let’s just say they’re held together with optimistic varnish. I have a few holdings that would allow me to sleep soundly, even if the market decided to imitate a startled flock of pigeons. It’s not about avoiding a dip, it’s about enduring it with a degree of composure.

A Fortress Built on Prudence

If I were limited to a single share to navigate the coming turbulence, it would undoubtedly be Berkshire Hathaway (BRK.A +0.76%)(BRK.B +0.94%). It’s a curious beast, this Berkshire. A conglomerate of over sixty subsidiaries, most of which operate with the relentless predictability of a well-oiled clock. People will still require insurance from GEICO, even during an economic downturn. Utility bills from Berkshire Hathaway Energy won’t magically disappear. It’s a remarkably unglamorous, and therefore, remarkably reliable, business.

But the true marvel isn’t what Berkshire owns, it’s what it hoards. At the end of the third quarter, they possessed roughly $382 billion in cash. A sum so vast, it could probably fund a small nation, or at least a very lavish collection of antique thimbles. I suspect this figure will only increase with the release of the fourth-quarter earnings. This isn’t mere wealth, it’s ammunition. The ability to capitalize on the misfortunes of others, a practice I find… entirely logical.

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Berkshire’s history is littered with shrewd acquisitions made during times of crisis. The investments in Bank of America and Goldman Sachs during the last financial meltdown proved particularly… profitable. One can expect a similar strategy should the market falter again. It’s a simple principle: buy low, sell higher. Though, in Berkshire’s case, they rarely seem to sell at all.

The Pillars of Modern Commerce

Prologis (PLD 0.57%) is an industrial REIT – a rather dry term for a surprisingly essential enterprise. They own over a billion square feet of logistics real estate – warehouses, distribution centers, the invisible infrastructure that keeps the world supplied with… everything. It’s a business built on the relentless march of commerce, and that, my friends, is a force more powerful than any market correction.

E-commerce, you see, isn’t going anywhere. Even if the stock market were to stage a dramatic fainting spell, people will still require their packages delivered. Companies like Amazon, FedEx, and others will continue to demand space for their operations. Demand for new properties might soften, certainly, but the long-term trend is undeniable. We are, after all, a society addicted to convenience, and that addiction requires a vast network of warehouses to sustain it.

A Word of Caution (and Opportunity)

Let me be clear: these two businesses, while remarkably resilient, are not immune to market forces. They will likely experience fluctuations, perhaps even declines, during a broader downturn. But I view any significant pullback as an excellent opportunity to add to my holdings. A temporary dip in price doesn’t alter the underlying strength of the enterprise. It merely presents a more favorable entry point. After all, a shrewd investor doesn’t lament the storm, he learns to navigate it, and perhaps, even profit from it.

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2026-01-27 17:24