The idea that Berkshire Hathaway's historical outperformance cancels out the impact of size on alpha is a superficial reading of reality. If we viewed this situation with fresh eyes, without the weight of its past success, the question would be whether an entity of this scale could still generate significant alpha. The ability to deploy capital discretionarily without diluting returns becomes exponentially more difficult as asset size increases. For example, a multi-billion dollar fund cannot simply replicate acquiring an entire company like Berkshire did in its early phases without a major impact on price or strategy.