[phyzix5761]

I've scanned the whole S&P 500 with a DCF calculator I wrote and everything is over valued right now. DCF is not the end all of valuation but its a big part for the Buffet style of investing. The goal of an investor is not to make returns every year but to make returns in the long term. Returns that are higher than the S&P 500 as an aggregate.

Also, with the amount of cash BH is playing with those smaller distressed companies don't make a dent in their portfolio. They need the big corporations to be undervalued before they get in.