Subject: Re: 2026 and beyond
Those companies are in the oil or sugary water business, not the rationally allocating capital business.

On this we disagree, and I’ll pick a nit.

Every business, large or small, from US Steel to the local dry cleaners is in the “capital allocation business”. Should he buy one of those fancy racks that whirl the clothes on a track around or not? New dry cleaning or washing machine? Paint the exterior of the building? And so on.

Yes, it’s very different when your *only* business is capital allocation, like Berkshire, but sweeping generalizations are never right ;)

Ha ha, I make a joke.