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No. of Recommendations: 7
Berkshire's price is still up year to date, barely.
The striking thing is the relative underperformance in this period, about 17.9% worse than the S&P index, and bit worse than that including S&P dividends.

As has been noted many times lately, Berkshire's price has been more or less a market tracker for a long time now, with transient cycles of pulling ahead and falling behind.
Even if Berkshire were to remain a long run market tracker, it's at the low end of the "usual" range in that cycle.

So, a possible speculation for the adventurous: open a long BRK short SPY position now.
Right now BRK/B at $205.97 (last trade) and SPY at $297.17, BRK:SPY ratio 0.693.
Wild estimation of possible outcome: mean reversion to ratio 0.775 or better in around 15 months or less, giving target 11%+ return with zero net market exposure.

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