You are putting too much emphasis on history. The nature of the companies that used to be the hotshots in the 50s and 60s and 70s and 80s and 90s and 2000s and 2010s have changed as have the biggest (by market cap) companies that are included in the S&P 500.

Old companies just did not have the infinite scalability that the new companies do. I do not mean Amazon (except AWS) and Tesla, I mean, Nvidia, Google, and Meta.

Even Microsoft has shifted from selling products to selling subscriptions. I don't own Word anymore unless I subscribe to 365. Buffett as usual picked a dead horse called Apple. Worked when Apple was truly cheap but with the EU ruling against Apple Store monopoly, hard to see why it will going forward. The robber barons are back. Form a monopoly, fleece the consumers and rob their data. At least in US, nobody can or will stop them from making infinite profit.

Berkshire Hathaway FAQ

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