Just realized Berkshire at $437,000 is precisely a 10-bagger from my initial $43,700 purchase in February 2000. With no dividends that’s 11.5% per year. For those that believe Berkshire & Mr.Buffett are “underperforming,” the S&P 500 total return over the same period is 6.7%. 1/ 
A critic can choose any arbitrary endpoints to bracket a return series. The outlay of cash is not arbitrary and sets the initial bracket. Little media mention of $BRKA up 25% YTD, more than double the index. It’s easy to find short intervals where x lags y and vice versa. 2/
Of course, the change in book value per share and harder to measure intrinsic value per share are better proxies for value accretion and the elements under control of management. By those measures Berkshire has likewise crushed the market over the same period. 3/
Who would presume Berkshire’s compound return for the next two decades will be meaningfully different (lower) than that over the past two? By extension, who believes the index will outperform Berkshire, whether by share price, book value per share or intrinsic value per share? 4/
I like Mr. Munger’s take, “Well I like Berkshire, we have a better collection of businesses than average.” With no dividends, a price of $4,370,000 in 2042? Who knows? I’m quite certain, however, at that price there will be those who suggest Berkshire is underperforming...END
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