Yes but most of what Buffett does is not activist shareholder action or buyouts, it's security/company analysis. Then once he finds an underpriced company (as was the most recent case by Heinz) he then takes an action to get the best price for the shares for Berkshire. The market won't digest the information of these private negotiations of course but up until that point Buffett's idea generation is largely driven by the public price of securities, at least according to what he tells us.