Subject: Re: Just to be provocative
"Much poorer than an average year in the past, possibly for a very long time."

I guess I'm not the only pessimist on the message board, and your opinion is, justifiably, much more highly valued (pun intended) than mine.

It does seem to me that although Berkshire's value growth will be not unlike that of the S&P 500, Berkshire's return over the next 10 years or so will be higher. That is simply because Berkshire stock is currently not as overpriced as the S&P 500. Berkshire's P/B is maybe 12% or so above fair value, while the S&P's P/E is more like 45% above fair value.