This was an interesting little interview with Jeff Matthews and Robert Miles discussing Buffett’s changing investment strategy, which has evolved to Berkshire Hathaway’s (BRK.A) increasing size. For an investment to make an impact for such a large company it has to be of significant size, so for outside passive minority stock investments, Buffett really needs a market capitalization of roughly $10 billion. After a four year bull market, there just aren’t that many attractive companies trading at reasonable valuations at the size necessary for Buffett to get interested. It makes more sense for Buffett to acquire whole businesses when he has the opportunity and then he is able to also control capital allocation beyond the actual business needs of his subsidiaries. In tumultuous markets like 2008-2009, Buffett was able to deploy more capital into publicly traded securities, as he took advantage of “Mr. Market.”