What you need to know about Berkshire (going forward) is that Buffet just said that there is no more low hanging fruit for him to pick as a result of private equity getting more into the game and throwing around money.

It's in the letter but also detailed here:

https://www.reuters.com/article/us-berkshire-buffett-m-a/war...

So just like the small VC when the game was small and before (as the saying goes) everybody and their uncle got in they did well. Now it's a much different story.

And importantly the halo of Buffet will not win out over a much bigger offer from someone else. It maybe have in the past but the game has changed. Now add to that that it's obvious that Buffet will not be a star or around for another X years and we have a recipe for Berkshire not being a long term bet.

So once again two things going on here.

a) Warren won't be around for long enough for the tide to turn back (if it does at all). Many of the deals that got done are because of his star power (similar to Steve Jobs at Apple closing an important arrangement by force of will and halo)

b) Others in the game. Competition that far exceeds what it was in the past.