Subject: Re: Trailing the index again
Berkshire continues to lag a do nothing index. I would like to see Warren asked again about the old rule of creating move value over a five year period which had been revised.

By my calculations for the last 7 rolling 5-year periods, Berkshire failed the book value test 5/7 and IV test (using 5-groves) 4/7.

They can't find much to buy, so they've been returning excess capital to shareholders when it makes sense. Total buybacks almost $75 billion.