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 endingdate is substantially undervalued so there should be a compensatingperiod of rebound price outperformance coming at some pointI 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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