Agreed,  I calculate that there are only about 50 companies in the S&P 500 large enough to allow Buffett to buy 10% of the company (it's problematic to go above that) and still absorb the kind of money Buffett likes to invest ($10 billion or so in a new idea). With Airlines he had to take three because no one airline was large enough. Like you say he has a very limited range of choices these days. He already owns a good number of the largest 50 in the S&P 500.