During last 5 years the growth has slowed significantly to single digits. Is this an issue with the large size of Berkshire? Has Berkshire gone to capital preservaton mode?http://www.berkshirehathaway.com/letters/2011ltr.pdf
You are correct. I estimate (via a pseudo least squares linear regression of yearend data, 2000 to 2011) that BRK's growth has averaged about 9.5% per year since yearend 2000.It is pretty obvious that the market sees that as well, and that's probably why BRK no longer trades at the considerable higher Price to Book Value multiples that it once did.