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John Malone famously once said: "I used to go to shareholder meetings and someone would ask about earnings, and I’d say, ‘I think you’re in the wrong meeting.’ "It’s not about earnings, it’s about wealth creation and levered cash-flow growth."
If a Berkshire shareholder expects Buffett, Munger and the <30 people at headquarters in Omaha will manage all the businesses in their portfolio, they are similarly "in the wrong meeting." That isn't how the Berkshire system works. If you don't like it, then sell the stock.
Charlie Munger: “We have extreme centralization at headquarters where a single person makes all the capital allocation decisions, and we have decentralization among our operations without a big bureaucracy. That’s the Berkshire Hathaway model.” They value the trade off.
