Up until the Apple purchase, Buffett was most likely behind the SPX. I will stipulate here that while I want better than SPX performance on the equities, it is not a requirement for the Berkshire to do well. KO/AXP have not beaten the SPX over the past 20 years either. USB was a very long time holding of Buffett, it never beat the market, HPQ a Buffett pick/airlines, etc. Buffett's record isn't explicitly broken out, but I submit, nothing too great, yet Berkshire has compounded very nicely.

I am guessing here, but if Ted/Todd primarily manage pension funds, is that the goal necessarily, to beat the index or is it to just do well enough to pay out the distributions.

So, let me pose it this way, let's say they disclose the returns of Ted/Todd and they are not beating the market (which we all kind of know) what will that do for you?