BRK indeed beat the DOW by 0.93% average over the last 15 years, but it lagged the S&P MidCap 400 by 2% average over the last 15 years. WEB has become more interested in his legacy than stock picking. There was a time back before 1999 when WEB's stock picking within the SP 500 was phenomenal. Today he is interested in how long BRK can last without him. Picks like IBM are the sure things. BNI in some ways more of a property company is a phenomenal pick longer term as are investments in MidAmerican, but what starts out as a $40 billion bet in a bear market does not show multibagger returns for decades. In BNI, IBM and MidAmerican's cases BRK will receive fantastic dividends forever, but not massive capital gains over the next two decades. A simple value fund from Vanguard will probably well out perform BRK over the next fifteen years. Mainly because the small and medium caps have much more room for gain. Dave
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