Subject: Re: OT: Navigating Lost Decades
I suppose Berkshire could be a pretty well positioned business for such a lost decade

Berkshire also had long stretches of little to no return in the past. Take a look at the 1997-2012 period for example. But it's easier to hold (by focusing on intrinsic value) through the inevitable long stretches of anemic stock market returns than almost everything else, including the S&P 500 index.