Most investors bury their mistakes in a footnote. Warren Buffett prints his in the shareholder letter, in plain English, with his name on it. For most of the past decade, the story around Berkshire Hathaway (BRK.A) (BRK.B) and its industrial businesses was maintenance rather than growth. Railroads, utilities, insurance float, a slow grind of cash into the same pile. The exciting money went somewhere else. It went into chips, cloud contracts and anything with a graphics processing unit bolted to it. That framing skipped a physical step. Before one chip in a new data center draws a watt, somebody has to build the machine that produces the watt.
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