From Berkshire Annual Meeting 2023:

What gives you opportunities is other people doing dumb things. And it’s — and I would say that — well, the 58 years we’ve been running Berkshire, I would say there’s been a great increase in the number of people doing dumb things. And they do big dumb things. And the reason they do it, to some extent, is because they can get money from other people so much easier than when we started.
So you could start 10 or 15 dumb insurance companies in the last 10 years and you could become rich if you were adroit at it. Whether the business succeeds or not, the underwriters got paid and the lawyers got paid. And that creates — if that’s not on a large scale, which it couldn’t be done. What, 58 years ago, you couldn’t get the money to do some of the dumb things that we wanted to do, fortunately. And so I don’t — I think that investing has disappeared so much from this huge capitalistic market that anybody can play in. But the big money is in selling other people ideas.
It isn’t outperforming — in outperforming. And I think that — I think if you don’t run too much money, which we do, but if you’re running small amounts of money, I think the opportunities will be greater.

Jeffrey Bronchick, CFA