I think the future growth opportunities and operating efficiency opportunities in our fantastic collection of businesses like GEICO, Burlington Northern, the Furniture Group and our energy/utility companies are just fine. And will be quite rewarding long term.

Does one worry about the future of Progressive or Amex or Goldman Sachs because those companies might not buy many new businesses to supplement their future income streams?

Berkshire is a tremendous collection of wholly owned companies that generate cash TODAY for the benefit of its owners--namely us. I keep feeling like everyone's looking at this as a mutual fund. This is ENTIRELY DIFFERENT from a mutual fund...its similar to owning a stock(s)or a business outright. Which we DO. Numerous large ones. They don't stop earning because Greg Abel has to wait to find MORE.

You worry we won't find an elephant? Sure, but what's the rush? History ASSURES its availability. Everyone's so worried that we can't buy more great large businesses...get back to me the day of earnings release in 2 weeks and tell me what this sleepy company's EARNING NOW --with $340 Billion in cash- dragged hands tied behind its back...and how many companies in the world earn more than what we'll report in 2 weeks. Even before that cash is eventually deployed.