When Berkshire investors look back on 2015, they’ll probably be focused on whether Buffett was able to find new ways to build value, said Nomura’s Gallant. In the third quarter alone, Berkshire announced the Precision Castparts deal and disclosed a stake of more than 10 percent in oil refiner Phillips 66.
“He’s definitely had some challenges this year, but he’s taken opportunities to invest,” said Gallant. “If you’re a shareholder, that’s what you’re hoping he would do.”