Sylvain, thanks for the discussion. Keep in mind that Berkshire-Hathaway owns many business outright such as GEICO and BNSF railroad, so there is quite a bit more diversification than just looking at his investment portfolio.

Also, Buffett has been accused of being behind the times before, right before the dot com bubble burst. In the end, he proved he was right, and the speculators were wrong.

Time will only tell if he is right this time too, but I wouldn't count him out yet. He's outperformed the S&P 500 for longer than most of us have been alive and continues to reinvent himself. He now owns Apple, which he never would have purchased 20 years ago.

In terms of performance, it depends a lot on the start date. There are many periods after 2000 that Berkshire has outperformed the S&P 500. On Yahoo Finance, I put BRK-A next to GSPC and see that from 2004 to present (I can’t get the chart to go back any farther than that for some reason), BRK-A has returned 370% while GSPC has returned 268%. In fact, BRK-A beat the S&P 500 for most periods I glanced at until very recently, like 2017 on.

I tried to put the link, but it filled up the entire page! Just go to Yahoo Finance, select BRK-A, open the chart, add a comparison to the S&P 500 and play around.