"In paying for acquisitions, Berkshire issues stock **only when it receives as much in business value as it gives**. This has become increasingly difficult for Berkshire to do. This is the case because **Berkshire has assembled the business equivalent of the art collection at the Louvre**. Enhancing the value of the existing collection by adding a single new Botticelli is difficult enough, and even more so if you have to give up part of your Rembrandt collection to get it." ([Location 513](https://readwise.io/to_kindle?action=open&asin=B01J2SLA5O&location=513)) *** **Tags** — [[quotes]], **See Also** -- [[Warren Buffett]], [[Charlie Munger]] **Source** — [[202308141129 — B — The Essays of Warren Buffett]]