Subject: Re: Million to Billion
I think he was getting at you can't keep doing everything you were doing before, in the pursuit of something with a reasonable likelihood of being better

While I think “a year” is far too short a time frame, I’d note that Warren has been through quite a few different phases in his career, some driven by Charlie, a few by the macroeconomic situation, some by the sheer size of what Berkshire has become.

He’s gone from a cigar-butt puffer to an investment guru (discovering the wonders of float), there was a phase of whole-business acquisition (still going on except for “size to move the needle”) to, well, saver of the economy (2008, although I exaggerate.) And with the addition of Ted & Todd a search for value in fields Warren wouldn’t have touched in years prior (notably Apple, but also BYD [Charlie pick, I think]) and so on.

When Warren “moves on” it cannot help but change the company. The number of corporations that have managed to “continue the culture” after the death of the legendary CEO is vanishingly small, although yes, it has happened a few times. I don’t know if it will be for good or bad, but I am quite sure that Berkshire will change, just as it has had to change in the past depending on the market, the opportunities, and economy, and the philosophy of the guys in charge.

I’m not scared about it, on the other hand I’m not so sanguine to think it remains a “set and forget” for all time.