The firm said that the cash held by Berkshire, which is over $125 billion, is a "considerable impediment of growth." Wedgewood also noted the missed opportunities to invest in companies that have surged since the bull market started in 2009, with Mastercard (MA) up 1,521%, Visa (V) up 1,137%, Costco (COST) up 522%, and Microsoft (MSFT) up 657%.
Wedgewood also expressed frustration over some of Berkshire's investments, such as in IBM (IBM) and Kraft Heinz (KHC). Buffett sold his entire stake in IBM after shares dropped over 20% between Q4 2011 and early 2018, while Kraft Heinz has lost about two-third of its value since 2018.
The mistakes "do not inspire confidence that Buffett & Co. are still at the top of their game," according to the letter.
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