Subject: Re: Buybacks have begun
The average quality of listed small firms has fallen through the floor.

Berkshire has always been relatively good at acquiring decent companies at reasonable prices. Its culture and reputation have made it a desirable destination for would-be acquisition targets. Granted that Warren and Charlie have personally inspired that happy circumstance, but Berkshire can't afford to bemoan their departure forever. At least for now there seems to be a strong commitment to sustaining a highly principled culture.

The better choice might arise if there is an opportunity, perhaps during a market disruption, to buy a business already running such a portfolio.

That would indeed be fine alternative, and something to keep an eye out for. But it needn't be the only way of diversifying going forward.

Tom