[toomanyrichies]

Berkshire's huge pile of cash is more than likely the reason for the latter-day under-performance.

In its early years, its cash pile was obviously much more modest, and it was easier to find opportunities which would fit Buffett's investment criteria while also moving the needle from an ROI standpoint.

But now that cash pile has grown substantially. It's orders of magnitude harder to find investments which move a $100 billion needle, and Buffett is unwilling to lower his standards such that he can find businesses to spend his cash on.

Hence Berkshire has little other choice but to park its un-deployed assets in relatively low-performing but liquid accounts, ready to invest if needed but otherwise not doing much for the bottom line in the meantime.

TL;DR- Berkshire may be a "victim" of its own success.

[PH95VuimJjqBqy]

I think it also needs to be mentioned that he most likely isn't taking large risks, so the rewards are smaller but the risks are smaller as well.

I know that's essentially what you were saying, I just wanted to clarify it a bit.

[achillesheels]

I think this demonstrates the preciousness or scarcity of good books of business in public equity markets. Those with good long-term forecasts and not “get rich quick” exits over the last two decades.

[RishitJain]

Precisely.