Subject: Re: RW, Buffett and Munger
What if Berkshire had granted options to Warren Buffett and Charlie Munger over the past half century?

Well, let's say they granted options to themselves and to the other high execs in the various companies. Let's say in the 1970s they used $50M of Berkshire value for that each year, and in the 1980s they used $500M of Berkshire value for that each year, and in the 1990s they used $5B of Berkshire value for that each year, and in the 2000s they used $10B a year, and in the 2010s they used $20B a year. Now go back and either remove that amount from total Berkshire compounding OR go back and dilute the shares retroactively. What do you see? Yes! You will see that Berkshire as a whole isn't worth nearly as much as it is worth today because it lost a HUGE amount of compounding over 10, 20, 50, even 60 years. Or you might see that instead of X shares outstanding today, there are 2*X or 3*X shares outstanding by now. If there are 3*X shares outstanding by now, each share is $166 instead of $500.