Subject: Re: Berkshire Defined
It would be great to see wholly owned subsidiaries make bolt-on acquisitions. They may be able to acquire companies, too small for Buffett to bother with. And they should have deeper knowledge of their field than Buffett.

And Buffett could use some of the cash hoard to finance the purchase if the subsidiary needed it, at an appropriate rate.M

These bolt-ons still happen but mostly remain under the radar. Marmon's subsidiaries have been pretty consistent acquirers. -
a 2025 example:
https://www.marmon.com/news/mi...

a late 2023 example:
https://www.marmon.com/news/ma...

BHE bought more of CovePoint LNG in 2023 and that was a few billion dollars.

Allegany was a wonderful deal and it actually came with more cash and investments than it cost to acquire. Plus a bunch of nice operating companies like
https://www.wwafcosteel.com