Subject: Re: OT-Guy Spier’s Aquamarine Fund
"In this particular case there is plenty of data available that suggests that this is not likely to be the case."

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Using performance data from Guy Spier's latest 2023 Aquamarine Annual report,

https://www.aquamarinefund.com...

The 1,3,5,10,15,& 20 yr IRR returns, relative to the S&P, are all negative varying from;

-1.2%/yr...(20 yrs)..... ($785 in Aqua for every $1000 in S&P)
-5.9%/yr...(10 yrs)..... ($554 in Aqua for every $1000 in S&P)

ciao