I totally agree with the premise of this video in that Warren Buffett has hedged his bets, by investing a great deal in high quality capital intensive businesses. While this doesn’t mean he doesn’t have confidence in his successor, it would be foolish to believe that any investor could emulate Buffett’s track record, particularly with the inherent disadvantages of running an investment portfolio as large as Berkshire’s. Therefore buying high quality businesses which are likely to earn more than their cost of capital, is a profitable and attractive outlet for Berkshire’s cash. I believe that Buffett will continue to acquire larger companies when given the opportunity. Berkshire is a core position for clients at T&T Capital Management, as we believe the company is deeply undervalued due to the market pricing Berkshire as though it is still just an investment portfolio, as opposed to a conglomerate with the majority of its profits produced by best in class companies, across a variety of different industries.