Subject: Low ROE Holdings
Several of Buffett's top portfolio investments have very low ROE, esp. the more recent ones.

Most striking are CVX, OXY, BAC, KHC and the Japanese trading companies, which have 5-year ROEs in the single digits.

Many of his earlier investments like KO, AXP and MCO have very high ROEs as does Apple.

Are all the recent low ROE investments, special situations where ROE is temporarily depressed, and not relevant to the decision to invest?

I always thought ROE or ROIC as one of the most important indicators to screen for, to indicate a moaty and well managed company. But apparently not to Buffett.

Has Buffett shifted to special situations, because he can't find great companies at attractive prices (except Apple)? What am I missing?