Alphabet was a lot cheaper a few years ago, but the business was also fundamentally different. Cloud, a utility like service, went from mostly an afterthought to driving a significant part of the business. YouTube has also grown its footprint significantly. I don't know why they didn't invest in Google earlier, they've always grasped why its a great business, but I don't think the comparison is entirely fair to management either -- particularly when one adds on the conflict of interest issues mentioned by BreckHutHigh. I would add the prior legal uncertainty to the conflict of interest problem, an issue that hits BRK different given its public prominence.

The firm is no longer on sale but I do expect GOOG to meaningfully beat cash, and other holdings like KO, over the next 5-10 years. When you have more cash than you reasonably deploy, the investment strikes me as a sound one.