Subject: Re: The S&P 500’s Yield Is Weak.
Let’s go back 10 , 15, and 20 years, that’s fair enough. When you fall in love you sure are loyal for life.

20 years, you say?
https://stockcharts.com/freech...

BRK.b +786%
SPY +722%

Just for fun, obviously. Will change. Start/endpoint effects and all that.
Over 15 years SPY is far better, 10 years a bit better.

25 years is the fun one:
https://stockcharts.com/freech...

SPY today feels a lot more like 2000 than 2010 or 2015. But Berkshire is also more richly valued and is just a different animal going forward.

Berkshire is still by far my biggest holding, but I have lightened up some.