In his annual letter to shareholders, Buffett said: "There remain only a handful of companies in this country capable of truly moving the needle at Berkshire, and they have been endlessly picked over by us and by others."
"Outside the US, there are essentially no candidates that are meaningful options for capital deployment at Berkshire," he wrote.
He said that Berkshire should do a "bit better" than the average American corporation but that its enormous size left "no possibility of eye-popping performance".
"Berkshire now occupies nearly six per cent of the universe in which it operates. Doubling our huge base is simply not possible within, say, a fiveyear period," he said.
More important than recording gains, Buffett said Berkshire should operate with "materially less risk of permanent loss of capital".
The dearth of major investment opportunities means Berkshire's cash pile rose
The letter was the first since the death of
Buffett said "Charlie should forever be credited with being the architect" of Berkshire.
(c) 2024 City A.M., source