Change is the Only Constant

Warren Buffett discusses the importance of adapting to change in business. He notes that Berkshire Hathaway has diversified its portfolio in response to changes that hurt some of its founding businesses. Buffett advises expanding one’s knowledge but warns not to force it and recommends continuous learning and adaptation within one’s own circle of competence. Buffett also explains how certain investment strategies are less effective as the amount of money being managed grows larger, and he discusses Berkshire Hathaway’s fondness for Apple as their largest holding, despite Apple’s regulatory challenges.