It's true that he has pointed out that a company that is asset light--doesn't require massive amounts of new capital each time they expand--is usually a better investment. And their stock portfolio has several big positions like that, e.g. Coke and Amex. (also oil majors and ketchup makers). I don't think one can blame a single fella too much for the economy's problems because he invested in the best companies he can identify : )

But interestingly that isn't how Berkshire's own capital is deployed. They run utilities and railroads, aircraft part and railway car factories, not a software download site.

Only about 10-12 companies have higher annual tangible capex, even now during the AI boom, about 1/39th of all the capex in the S&P 500. The overwhelming majority of it is spent in the US if you like that sort of thing.

Jim

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