Berkshire Hathaway Inc.

“Berkshire remains one of the highest-quality public companies in the world: a fortress balance sheet, durable insurance float, strong operating subsidiaries, and a culture of rational capital allocation make permanent capital loss unlikely. However, the stock no longer offers obvious mispricing. Its scale limits future reinvestment rates, and the current valuation already reflects much of its safety and quality. That leaves a likely outcome of respectable long-term compounding, but not the kind of asymmetric upside that justifies fresh aggressive buying today.”