Subject: Re: O. M. G.
Yikes, looking back at that 2000-2009 stretch. That’s a CAGR of about 4.5%.
Or how about June 1998-June 2012 time span? A CAGR of 3.25% over 14 years, before the parabolic rise of the last 13 years.
It’s always a good reminder for me to remember how long Berkshire can sort of flatline for a decade or so.


It's also a good reminder that even for a long hold, entry price matters. There are no long stretches of flat or poor results for purchase at valuation levels that are average or below.
As others note, that's why Berkshire's buybacks don't happen every quarter.

Jim