Wesco was not just a smaller, equally good version of Berkshire -- each dollar of its book value was plainly worth less, and the gap was widening in Berkshire's favor.

Wesco is not an equally-good-but-smaller version of Berkshire Hathaway, better because its small size makes growth easier. Instead, each dollar of book value at Wesco continues plainly to provide much less intrinsic value than a similar dollar of book value at Berkshire Hathaway.