Subject: Re: BRK Expected Returns
Definitely one of the worst stretches (maybe only starting 1928 is worse). Were any dividends distributed over those 15 years? You know, to calculate true real return.

Don't forget inflation

December 31, 1964 to December 31, 1981


Real total return, S&P 500 -0.38%/year

And just for comparison,
Real total return, S&P 500 Equal Weight, +3.43%/year

Jim