Quoting from page 13: A further problem is that in no case were the superior records (returns) I have observed based upon institutional skills which could be m

Quoting from page 13: A further problem is that in no case were the superior records (returns) I have observed based upon institutional skills which could be maintained despite changes in the faces. Rather, the good results have been accomplished by a single individual or, at most, a few, working in fairly specialized areas in which the great bulk of investment money simply had no interest. So... he seems to predict a bleak future for Berkshire's returns after his departure as well?