Subject: Re: Rational Walk on retained earnings test
If one had to pick between SPY and Berkshire for the next 10 or 20 years, and close your eyes, there is only one answer, SPY.

I, myself, own way more Berkshire than the SPY now, and each quarter I sell off a piece and reinvest it in the SPY. I sell off 3.2% per year of Berkshire. It’s not really denting the position, I may need to go to 4-5% per year.

Berkshire without Buffett will look very different, with untested leaders.

I think it will prosper, but who knows if it matches the index.