Berkshire beat the S&P 500 by 36 points a year over the ten years to 1985. Over the ten years to 2021, it lost to it. The edge did not collapse. It shrank for four decades, one bar at a time.
Buffett did not get worse. He got bigger, the market got more efficient, and the thing he refused to own became a third of the index.
Every edge is temporary. The ones that fade slowly are the hardest to notice.
You have just 18 months to buy hyperscalers.
Then free cash flows will explode and they’ll be violently re-rated.
Time to accumulate.
$MSFT $AMZN $GOOG $ORCL