A case for APT, page-15

Berkshire Hathaway would never invest in a company like Afterpay at the current stage. I'm not sure why you keep wanting to make this point, but I'm sure most (if not all) here agree with you 100% that WB and BH only invest when they see value on a P/E or asset valuation basis.

That's great, that is their operating model and has made them a lot of money. But it isn't the only way to invest.

A 5 second google search (which is not without a massive hint of irony considering what I am discussing here) shows that 1 year ago Tencent was the 7th largest company (behind BH in 6th). Not sure if that has changed - and doesn't really affect my point either way - that Tencent's investment model is different but still successful (and you may have heard, from every single 'bull' on here, that Tencent have a 5% stake in APT).

Just because BH would never invest here doesn't make it a 'bad' investment (just like the Tencent investment doesn't make it a 'good' investment). Both of those companies still make their fair share of mistakes (albeit get more right than wrong) - it is just picking which ones are the winners (obviously here is where we would disagree on APT, but that is fine!).