Buying Controlled Business or Marketable Holdings?

Berkshire Hathaway Chairman Charlie Munger says he doesn't see many fundamental differences between buying a controlled business and marketable holdings. The control company offers too many advantages, such as the power to change managers or allocate capital; this can be difficult for CEOs who are not skilled at it. Berkshire absorbs some significant tax costs to the ownership of partial positions that we do not when our ownership is 80% or greater. Buffett: Our equity investing strategy remains little changed from what it was in 1977.