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No. of Recommendations: 6
"What is less understood is that over the past decade Mr Buffett’s company, Berkshire Hathaway, has sharply altered its strategy. For its first 40 years Berkshire mainly invested in shares and ran insurance businesses, but since 2007 it has shifted to acquiring a succession of large industrial companies."

Beyond this the article is mostly negative about future growth. Pointing out that recent large acquisitions appear to be growing earnings about 4% per year. That spending its current cash in today’s market is unlikely to improve this statistic, and that waiting for the next crash to invest cash could prove problematic as Buffett is 87 and Munger is 94.

I do not agree that recent acquisitions have been as lackluster as they seem to think. But waiting for the next big bear may be a problem if it doesn’t show up soon.
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