Subject: Re: Intrinsic Value
Since 2018

Jim:
Railroad net earnings up 0.69%/year in those seven years.
Utilities net earnings up 6.15%/year
Manufacturing/service/retail/non-controlled up 6.15/year
Sum of the above divisions up 4.87%/year

...

In fact, I figure that the extremely weak rate of growth of operating earnings is the major weakness at Berkshire these days, and the major reason not to be too keen on buybacks as a way to deploy capital. Though there are reasons for the weakness, some of which are arguably transient, the message from the top level numbers is that it would constitute spending money to buy more and more of a set of ho-hum businesses.

From the 2018 letter:
Mr. Buffett: Before moving on, I want to give you some good news– really good news– that is not reflected in our financial statements. It concerns the management changes we made in early 2018, when Ajit Jain was put in charge of all insurance activities and Greg Abel was given authority over all other operations. These moves were overdue. Berkshire is now far better managed than when I alone was supervising operations. Ajit and Greg have rare talents, and Berkshire blood flows through their veins

Greg Abel was given authority over all non-insurance operations in early 2018.

What's that Buffett saying about good management and poor businesses?