^To the question, what's wrong, Warren? I don't know the answer and wonder if he has lost it or if the market has lost it. I guess it all comes down to an individual decision with personal investment implications but here's an historical input that is potential food for thought. The link is an indirect reference to a WSJ article and was supplied by, I think, a COBF member:
https://brianlangis.wordpress.com/2018/09/26/whats-wrong-warren/The question here is not to compare both periods but simply to mention that, for some, in 1999, the obvious choice was to bet on Yahoo.
The verdict 20 years later:
1999 2019
MKT CAP Yahoo (B) 120 48*
MKT CAP BRK (B) 83 540
*I'm no Yahoo or related specialist and the number represents what I come to as an estimate of liquidation value resulting from relatively recent transactions.
A potential message: The environment keeps on changing but some principles endure and the retained earnings aspect may only play out over time.