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Dear Tom,

I hope that you are correct....  Because we are going to live off of Berkshire for a good while.

Size is an anchor.  Warren cannot buy everything and beat the market, because the more he buys, the more he becomes "the market". 

How can Warren outperform himself?  

This is an obviously simplistic view... but is there some merit in it?

On the other hand if Warren buys half of all of the Wilshire 5000, or whatever, but only the "good" half, how would that play out?

Seems that the game gets harder as size grows.  

But then, what the heck do I know?  

Sincerely,

jan

:^|
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