Subject: Re: Concerned
I think that Berkshire Hathaway is the best company in the world, but that's basically all because of Warren. Warren is truly unique in his honesty, skill and shareholder friendliness. When Warren steps down as CEO in a few months, things will change. The change might be slow at first, but it's inevitable. Berkshire will become an average company, and owning Berkshire will become no better than owning the S&P 500, except that, as Buffett pointed out, it will have single-company risk.

A few thoughts:
- Berkshire has the ability to use very cheap leverage (float).
- Berkshire isn't restricted to investing in the USA.
- Management after Buffett will likely be honest and shareholder friendly.
- It's possible that Abel, given a free hand, will improve improve those lackluster businesses.
- Berkshire pays no dividend - important if you're trying to keep taxable income down.