In particular, the utility and railroads which we thought might be able to be absorb tremendous amounts of capital with low, but guaranteed, returns, making the float valuable

What do people consider low? How did you consider it a couple years ago?
8% annual growth assuming average annual capital deployments? 12% return on capital as a one time or recurring basis?

How do you think it has changed?

I suspect Warren was talking to the regulators saying, I do right by the public and you and expect a fair return and if you don't give it to me I will stop providing it and if I stop providing it, everyone will suffer equally.

I think BRK is getting fully priced but I'm not selling much Berkshire -- and any small amounts I do sell I am putting into a few select Berkshire stock holdings. Still my second biggest holding to SPY which is the only reasonable thing my employer provides to me.

thanks in advance for replies.