BRK.B outperformed the S&P 500 over the last 25 years because its profits grew 14x vs the market's 6x.

Buffett's lack of success in the last 20 years,

Warren Buffett discussed this in 1984 and how he outperformed the market, and if you follow that, you will continue to outperform the market. But Ben says that more than 20 years have passed now and Warren Buffett has not outperformed the market.

I would say that Buffett has crushed the S&P 500 index in the past 25 years . It may not show up in the stock market, but there is something more important.

Okay, let's look at Berkshire Hathaway's net income from 1996 and 1997 to 2001. Okay, let's take peak earnings, not average, to be fairer. Let's take the peak profits of three billion.

Let's take a look at Berkshire Hathaway's profits. Now these are Berkshire's profits, 3 billion at the peak. The actual profits now amount to 44 billion. Okay, 45 divided by 3.2 billion.

Berkshire has increased its profits 14 times since the peak of the bubble.

The market has increased its profits sixfold , yet someone dares to say that Buffett outperformed? I have nothing to add. On top of everything else, when the markets became tense, Buffett turned to cash.

We can also say: "Well, it hasn't outperformed in the last ten years : 14 billion versus 45 billion." This is Berkshire, do you understand? Six, and if you adjust the figures to include OpenAI, Antropic and the like, we find that the reality is 240, so it has performed similarly but with 40% cash, i.e. with much less risk .

Buffett has succeeded despite the toughest environment he has faced in his 60-year career , with near-zero interest rates and asset price inflation amid a bubble. Berkshire and Warren Buffett have performed, I would say outperformed, the market on the S&P 500, regardless of what gamblers or clueless passive investment bots say , because investing is about business ownership and business performance, owning companies, not trying to be smart on Wall Street.