Part 8/13:
Buffett hinted that if they fail to find transformative acquisitions, Berkshire may raise the price threshold for repurchasing its own shares (from 1.2 times book value to potentially higher). This would mark a sign of slower growth ahead.
Conversely, individual investors typically have more flexibility to make smaller investments that can still significantly impact their returns.
Addressing Concerns: Railroads, American Express, and Succession
Attendees raised concerns about some of Berkshire’s holdings facing challenges: