My biggest fear for Berskhire Hathaway was that when Warren finally stepped down, the successor would be too old and otherwise not Warren, so would not have his patience for the fat pitch.

I believe this fear has come true. I do not find Berkshire an attractive investment going forward.

I realize not too much of the cash pile has been spent, and the cash pile remains large. However, these first steps look to be more framing moves than investment moves.

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