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WEB is ignorant of the digital economy & collects cigar-butts.

No good company in the digital economy of size is available for total purchase. So his only option is 'equity investments' in them. Their share price are volatile and not confirms to his valuation metrics. So he is just accumulating cash.

Berkshire is already pumping so much cash into their existing business, but they are not producing commensurate returns and he knows that. At some point all the additional investments in those firms are counter productive, he knows that too.

Berkshire is really, insurance and equity investment business at the heart. The "operating companies" are a second thought. Utilities and railroad are suppose to absorb all the extra cash produced, so that the "future" managers don't have to worry about where to invest extra cash generated by insurance business.
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