Subject: Re: When Owning Berkshire Makes You Feel Dumb
I’ll admit — in 1999, I actually started to question myself. It felt like everyone was getting rich except me. Maybe WE were the ones who didn’t get it. Maybe P/Es, trailing revenues, and balance sheets really were outdated. I remember calling two of the smartest people I knew — friends I hadn’t talked to in years — and each of us said the same thing:

“Yeah, I’m missing this rally too. You feel dumb too? You know what… I don’t think we’re all wrong. I think the investment world is crazy.”

Yes, and it wasn't just that we were missing the dot-com rally, Berkshire stock price plunged in early 2000. Got to near book value, IIRC.

https://stockcharts.com/freech...

At least we don't have that double whammy...yet :-)