powell, the federal reserve chairman, saying the actions elevated him to a level reserved only for paul volkernd the fed board belong up there on the pedestal because with him because they acted in the middle of march probably somewhat instructed by what they'd seen in 2008 and '09. they reacted in a huge way and essentially allowed what's happened since that time to play out the way it has march when the market has essentially frozen, little after mid month, ended up because the fed took the actions on march 23rd ended up being the largest month for corporate debt issuance i believe in history and then march was a larger month and you saw the companies grabbing everything coming to market and spreads narrowed and every one of those people that issued bonds in late march and april sent a thank you letter to the fed because it wouldn't have happened if they didn't operate with unprecedented speed and determination. >> that action from the federal reserve may be why berkshire didn't spend more of the cash hoard that ballooned to $100 million. buffett said lots of companies got access to the publ

happened since 1975 is inflation was really the big economic issue, really since another princeton, paul volker, one of the great public servants of our lives, what he did at the fed and his colleagues did, inflation has been understand control. it's not -- the upside risk to inflation is not great i would say, you know, of course, our balance sheet can't go to infinity i would say that i'm comfortable with where we are now and the path that we're on and don't see risks based on what we're doing right now to inflation or to financial stability. >> thank you we have a couple of variants on this question. i'll read the one that came from ro roseanne harper. once the fed is done purchasing s fixed income securities, anticipating going down the road you were talking about a little further, what's the plan for managing the portfolio i read the question as saying it will have more than fixed income or might have more than fixed income securities? >> well, we tend to -- with the things that wound up on our balance sheet during financial crisis we held them to maturity. these are short-term loans of fo