<<So if we are no longer focusing on acquisitions as you say, what eats up all the excess cash?>>

We don’t know. And it’s not “not focusing on acquisitions”. It’s not forcing or overpaying for acquisitions.

As pointed out yesterday..5 times in 60 years it hits you in the head with a 2x4. Or one of the ideas Buffett and Abel said they have discussed for acquisition quotes a favorable price. Wait.

In the meantime, we learned the most important word in the Berkshire vocabulary is “no”. Repeat over and over per Ajit. Whether writing weak insurance policies or overpaying for acquisitions.

And if the fat pitch doesn’t happen soon, we just keep making $50 billion a year, compounding with inflation, plus the extra $Billions from running our businesses more efficiently. There are worse fates in life. Waiting is very very hard. Most can’t do it.

Berkshire Hathaway FAQ

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