It is akin to PE firms rolling up firms in an industry or business sector. Buy Kellanova for a reasonable price now and average it’s value into the larger massed value of Mars.

Regarding Mars family shopping their company (and other similar size family owned companies), a Pritzker family type of situation is a consideration where, say, 50% of the members want a cash exit for their share and the remainder want to keep their seat on the company bus. Berkshire can easily accommodate that structure. In all fairness, a very large PE firm can also accommodate that structure, too.

A local family sold their multi-generational business to P&G back in the 1980s. The family continues to have reunions and for years there were members commiserating their loss of attachment to the business. The Pritzkers members seeking to continue in business together solved that problem by forming a new family vehicle for owning high quality companies with their inheritance proceeds.

Heck, this is a mental construct attempting to answer why Berkshire is amassing a huge cash chest. What do I know? Answer: nothing.

Uwharrie