No. of Recommendations: 11
S&P 500: 9.48%
Top 30% by ROE: 12.57%
Top 20% by ROE: 12.79%
Top 10% by ROE: 14.04% (average about 157 stocks)
Top 10% by ROE, quarterly list reconstitution but annual rebalancing to equal weight, after 0.4% round trip trading costs: 13.85%
Ditto, with 20% long term cap gains tax and 40% short term cap gains tax: 11.78%
For the sake of completeness, during the same specific date range Berkshire shares returned 9.87%.
Book per share rose at 10.59%/year. i.e., the shares got about 14% cheaper based on P/B during that interval.
Jim
