Vltava Fund has released its commentary for the fourth quarter of 2023, focusing on significant developments within the companies in its portfolio. The commentary highlights the successful growth of Alimentation Couche-Tard through well-managed acquisitions, including the recent purchase of retail sites from TotalEnergies. Asbury Auto’s acquisition of Jim Koons is noted as a boost to its long-term growth. Berkshire Hathaway’s recent acquisitions, including Alleghany Corporation and increased stakes in Pilot Flying J and Japanese conglomerates, are highlighted as examples of the conglomerate’s unique investment strategy. Burford’s litigation finance business and its involvement in a significant case against the Argentine government are discussed. The commentary also mentions JP Morgan’s acquisition of First Republic Bank and the positive outlook for Japanese equities. CVS’s acquisition of Oak Street Health is criticized as a poor capital allocation decision. The article concludes by mentioning Vltava Fund’s plan to narrow its portfolio in the new year and the fund’s ability to achieve higher returns with less risk compared to the market average.