The idea that Berkshire Hathaway's expansion into a mega-capitalization inherently reduces informational advantages and capital allocation flexibility seems simplistic. Who benefits from this narrative where size is a burden, except those seeking to justify their own inability to grow or understand a very long-term investment strategy? Berkshire's insurance float, a stable and low-cost financing, does not reduce flexibility; it transforms it, enabling investments that others cannot even consider, such as acquiring Burlington Northern Santa Fe. It is not a constraint but a change in investment opportunities, requiring greater discipline and a multi-decade vision, not a loss of agility. The motivation for maintaining liquidity reserves is strategic, not a result of limited flexibility.