Hartch: Berkshire Not Just a Holding Place for Cash

Shannon Zimmerman: Let me ask you about another company that's kind of at the other end of the spectrum and one that value investors might more often expect to see in a portfolio and has a value-focused portfolio in terms of the strategy, Berkshire Hathaway. It's the number-one holding in BBH Core Select. How do you use Berkshire Hathaway? Do you buy it like any other security? Do you buy when the valuation profile and fundamentals appear to you to be out of sync, or do you use it in a way to monetize cash holdings until you have other ideas that are more compelling?

Tim Hartch: We view Berkshire as an operating business and a holding company of other operating businesses and don't distinguish between that business. We wouldn't just use it as a holding place for cash. We view it as a business to make an investment with an objective of meeting our two goals, one is to protect the capital and the other is to grow it over time on an absolute basis.