Subject: Re: 2026 and beyond
You can't fake a dividend - you have to bona fide earn money and be profitable

Well, actually, no. Even legit companies have paid a dividend with borrowed money when they lost money instead of making a profit.

As is my wont, I plugged PG into testfol.io along with VFINX (S&P 500). To my surprise, over the longest lifetime, PG did (barely) beat the S&P 500. Although the S&P 500 has beat PG since 2009. https://testfol.io/?s=bvytK49P...

But since BRK's lifetime, it has handily beat both. https://testfol.io/?s=3yoU5a7u...
$10,000 grew to $2M, $1.5M, and $26M, respectively.

I don't know for sure, but the superb performance of PG is probably the survivorship bias fallacy. Both BRK and SPY are broad based index investments. PG isn't.



Do we feel confident about, say, Tesla or NVDIA?
No.