Another way of saying this is that Berkshire was hurt by zero/very low rates of the last 20 years+

Real after-tax interest rates haven't shifted all that much in the grand scheme of things.

I prefer to think of this as Berkshire having been hurt by a lack of periods that capital was scarce. That's the superpower, and it hasn't been needed. Like Aquaman in a desert.

Or, to reverse the metaphor, the tide hasn't gone out in a very long time, and even then it was all too brief.

Look on the bright side (for us): It seems likely that there will be some waves of distressed firms in the next few years, maybe that will create some opportunities. An awful lot of firms are zombies: they don't have operating profits sufficient to cover their interest once they have had to roll their debts up to new paper at current rates. Assuming they can refinance at all.

Jim