Not sure if I agree with Nick here; I've argued elsewhere that Berkshire itself simply got too expensive circa late 1990s. In any event, @MebFaber pointed out that the Berkshire 13f actually &gt; both $BRK and $SPX (not sure if it's been updated.) https://t.co/fvQ2IKGC1R https://t.co/RV22ZiLLMy https://t.co/WuxQ8Ze2Op