Subject: Re: Reason why Brk outperformed SPX YTD
Has people ever thought why Brk is outperforming SPY recently?

I would guess that Berkshire was outperforming because investors favor Berkshire when they are in a risk-off, kind of scared, mood.

For a trillion dollar company, Berkshire still doesn't have even close to the liquidity other companies its size have - a lot of Berkshire stock is sitting in taxable accounts not even considering a trade on any given day.

A little bit of incremental flow coupled with some violated covered call strikes can move the price a surprising amount. See 2007 for a recent analog.

I still feel like it's possible we see a strange move to another all time high in Berkshire shares before the general bear market re-asserts itself. At least it wouldn't surprise me. I've done my Berkshire selling for the year.