There is zero alpha in possessing knowledge and expertise regarding the fundamentals of publicly traded companies. Zero.
https://twitter.com/charliebilello/status/1479501132040970240
Fundamental investing was always just a narrative.
https://twitter.com/charliebilello/status/1479501132040970240
No one is a smarter, fiercer fundamental investor than Buffett + team. No one. They have a permanent pool of costless capital. They have access to every imaginable information source.
If alpha based on fundamental investing in public markets doesn’t exist here, it doesn’t exist.
If alpha based on fundamental investing in public markets doesn’t exist here, it doesn’t exist.
https://twitter.com/charliebilello/status/1479501132040970240
I've been riffing on @charliebilello's BRK vs. gold tweet, and a few of the Omaha faithful have been focused on the gold part, which was never my intent.
Here's Berkshire (white) vs. S&P500 (gold) over the past 20 years.
Here's Berkshire (white) vs. S&P500 (gold) over the past 20 years.
Berkshire is simultaneously proof and disproof of the efficient market hypothesis.
Proof in that the smartest, best capitalized investor in the world has zero alpha over the past 20 years.
Disproof in that Berkshire still exists as a publicly traded investment vehicle.
Proof in that the smartest, best capitalized investor in the world has zero alpha over the past 20 years.
Disproof in that Berkshire still exists as a publicly traded investment vehicle.
Here are the last 10 years of BRK vs. S&P.
It's an expensive tracking stock. Sorry.
It's an expensive tracking stock. Sorry.
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