Subject: Re: Buybacks have begun
who wouldn’t want to have two half-Berkshires and watch them grow into a 2XBerkshire in a couple decades? The idea shouldn’t be “We can’t consider that because it wouldn’t move the needle”, but “Is this capable of producing the kind of growth (consistent with other values) that a Berkshire shareholder has come to expect?”

I was thinking more along the lines of several divisions. Perhaps geographically distributed around the globe, or organized by sector or some combination of the two. This would allow for the systematic acquisition of the kind of companies that allowed Berkshire to grow so rapidly in the past. The argument against acquiring smaller companies seems to fly in the face of that far more rapid earlier growth. Effectively doing something like this might also afford substantial diversification advantages.

Tom