A couple of ideas on what will happen (I have not researched data to support this, just speculation)...

1.) Price-to-Book premium will decline. This would translate to lagging the S&P for a year or two while investors who only remained in for Buffett exit. A decision might also be made to buy shares if they drop below the historical (approximate) 1.2 P/B mark.

2.) From a narrative perspective, the market will be looking for mistakes in leadership's performance. This would also contribute to a decline in market value though not a decline in the underlying businesses.

3.) The company will need to keep growing. Although it's easy to focus on the equity portfolio, it will be interesting to see what industries and companies become acquisition targets. The conservative financial structure and abundance cash will continue to create opportunities, particularly when the market cycles to being irrational.