Long Interview w. Alice Shroeder [Buffett biographer]

Here's a bit---the whole thing's here:

I’ve heard some people say, “He’s in his heyday.” The market has certainly worked in his favor. But the gigantic anchor of capital that Berkshire has to invest means that no environment can be as good for him as the past. If people are following his investments, they should consider how limited his universe of possible ideas is compared to their own.

He is being forced to accept lower returns than smaller investors simply by virtue of his market cap limitation. He’s given fair warning of this often enough, so it shouldn’t surprise us now. He’s often spoken nostalgically of how much better he could do running a smaller portfolio.

Therefore, let’s invert the situation. If you are running a smaller portfolio, the stocks he owns are interesting to consider, but not necessarily the first place I would look for investment ideas.