Subject: Gregg Warren
Morningstar senior equity analyst Greggory Warren says, “The Buffett premium hasn’t been there for a while.” He thinks other factors are at play.

“[It] was there for a long time because Buffett and Munger were able to find places to put capital to work,” he explains. “For a good 40 or 50 years, they had an information advantage and weren’t fighting a lot of competition.” But financial information is now much more readily available. At the same time, private markets are much more robust, and private equity firms are competing for deals that may have once attracted Berkshire’s attention. On top of that, Buffett is generally averse to bidding wars. The result is that overall, “[Berkshire’s] ability to do the deals they have in the past has diminished,” Warren says.

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