Subject: Re: BRK experts in denial
Without looking at a chart, I suspect the last time that happened was in the GFC. And the time before? Maybe 1987 black Monday crash? Maybe not.

There had been a few times BRK stock dropped by 50% or more (peak-trough):

1. GFC: Dec 2007 ($151.7K) - March 2009 ($70K)
2. June 1998 ($84K) - March 2000 ($40.8K)
3. 1974-75 bear market

Interestingly, during it doesn't include the 1987 Black Monday event: BRK dropped by less than 50% peak-trough during that period: Oct 1987 ($4270) - Oct 1987 ($2,650), which was a 38% drop. My data only goes until 1985 so there might have been a couple more occasions when BRK dropped by 50% or more in the late 70s or early 80s.

This is the reason Buffett repeatedly warned BRK shareholders not to use (margin) debt to buy stock. He included this warning in the 50th anniversary special letter.