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Returns have definitely been less than I had hoped when I allocated the capital.
But of course the starting date was mildly overvalued and the ending
date is substantially undervalued so there should be a compensating
period of rebound price outperformance coming at some point

I have read a couple of your posts on Berkshire's valuation over the years, and I can't recall you ever putting a value on the "Buffet premium".
Obviously, Berkshire with Buffet is worth more than Berkshire without Buffet.
Since Buffet has a finite lifespan, he needs to be depreciated over time.
Does the multiple compression between 2001 and 2012 perhaps simply represent a the slow depreciation of the Buffet premium?
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