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“‎The finest steel has to go through the hottest fire.” – President Richard Nixon (who announced his resignation on this day in 1974)

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US equity futures are down quite a bit (-85 bps) this morning on weakness in China and Europe, and the S&P 500 (SPY) is currently set to give up all of yesterday’s gains when it opens for trading.

The dollar is rallying while Treasury yields and oil prices are falling, and the only economic indicator of note today was the monthly release of small business sentiment from NFIB.  Sentiment came in slightly higher than expected, but it’s still very low relative to history.

As shown below, after reporting earnings over the weekend, Berkshire Hathaway (BRK/B) traded to a new all-time high yesterday.

Berkshire (BRK/B) is now the 7th largest stock in the S&P 500 with a market cap of $794 billion yesterday afternoon.  $794 billion!  As shown below, the 7th largest stock in the S&P ten years ago was Walmart (WMT) with a market cap of just $254 billion, and Apple in the top spot had a market cap of just $422 billion.  Fast forward ten years and we now have five stocks with $1+ trillion market caps and two with $2+ trillion market caps.

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