His influence has a dark side because the beating heart of Buffettism is to avoid competition and minimize capital investment in the real economy.
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His concept of a moat is linked to his views on capital investment: the beauty of one is you do not need the other. “The ideal business is one that takes no capital, and yet grows,” he said last year.
This is not the only reason for declining investment and higher profits in the US. Nor is there a simple solution. Better antitrust enforcement would help.
We can decide who to admire. Mr Buffett is brilliant at buying into monopoly profits, but he does not start companies or gamble on new ideas. America is full of entrepreneurs who do.
Elon Musk is investing in two wildly risky and competitive sectors. Even the Koch brothers built most of their fortune on investment in the real economy. Celebrate that kind of business. It is the kind America needs.