Subject: The Impossible Trinity
There seem to be some people who believe in all the below:

1. S&P 500 is overvalued and likely to get very low (say 0-3% nominal returns over next 5-10 years)
2. Berkshire would very likely give 6-7% real returns (say 8-9% nominal returns over next 5-10 years)
3. Berkshire would outperform S&P 500 at most by 0-2% longer term (similarly over next 5-10 years)

Since all three cannot be true at the same time. What gives?