- Berkshire is a diversified blue chip conglomerate in which the whole is greater than the sum of the parts. It's decentralized except for capital allocation. It emphasizes value.
- Berkshire began as insurance companies left a failing textile business in the dust and developed a hugely advantageous model in which equities could offset insurance liabilities.
- Investments passed through stages focusing on capital-light businesses then morphing to asset-heavy regulated businesses like BHE and BNSF with assured solid returns.
- Apple took Berkshire in a positive new direction, and buybacks came to work as a good alternative to acquisitions which couldn't meet the hurdle provided by Berkshire itself.
- Breaking up a conglomerate so carefully constructed with so many synergistic elements is unthinkable. Only the poorly informed and corporate scavengers of the worst kind would contemplate it.
For further details see:
Why Buffett's Berkshire Must Not Be Broken Up. Ever. (By The Way, It's A Strong Buy Right Now.)