Subject: Re: Thought I would Google the question?
[12 years]
...
They thought they could do better.

And why wouldn't they think that? They have, in terms of value generation.
http://www.stonewellfunds.com/...
Note that the warm colours (BRK) have all done better than the cool colours (S&P index).

The usual rule of thumb is that any price rise beyond value growth is going to be transient. That's largely what SPY has been relying on to keep up with Berkshire's returns.

Jim