[nur0n]

> So, what we do is take money and move it around into other businesses. The newspaper business earned great returns but not on incremental capital. But the people in the industry only knew how to reinvest it [so they squandered a lot of capital]. But our structure allows us to take excess capital and invest it elsewhere, wherever it makes the most sense. It's an enormous advantage.

Wow, they are playing the game at a higher order than I have even considered.

[ksec]

But Berkshire Hathaway ( or the world in general ) is also at a point where they have too much capital and there are very little low hanging fruit ( comparatively speaking ).

It is a lot easier to invest a few millions in a few very good small business, but once you need to invest hundreds of billions, all of a sudden you have very little choices.

[valuearb]

It’s always a circle of competency issue. Someone whose entire job is looking for good investments is going to find far more than someone running a business full time.