Subject: Re: Long term returns.
"Float is about 29% of BV, which adds about 2 percentage points to the growth of BV and IV."

The low cost float makes me optimistic that Berkshire will continue to outperform the S&P by about 2 percentage points. Even if Berkshire's stock holdings and wholly owned subsidiaries perform only the same as the S&P, Berkshire still has the advantage of low cost leverage.