Subject: Re: Approaching 500
One theory
(1) People jumping into the broad US stock market because FOMO
(2) BRK rising because it's glued into the cap weight funds they're buying

Then there’s
(3) What else is there to buy, with the whole market so high?

From current prices, you can expect low returns from Berkshire, but you can expect even lower returns from the S&P. As Munger has advised, “lower your expectations.”

DTB