They are saddled with yesterday's portfolio---soft drinks, ice cream,household goods and railroads. They have no technology investments and little health care. They should underperform the S&P 500 on the way up and are vulnerable in a recession as their industrials are cyclical. You are much better off in an index fund.
Banks,and insurance are basic to our society and will never go out of style.Berkshire owns businesses essential to our economy.They are a widely diversified and safe business model. They are in the cash generating and investing business.Always a good business to be in.