Subject: Re: Owners Manual still relevant?
For me, the key thing is whether the *value* of a share (not price) is rising faster than the *value* (not price) of the S&P 500.
I believe that remains the case.

There will be times that the S&P does very well in price terms simply by becoming more expensive. That doesn't matter very much over time, because price growth beyond value growth is always transient.

This graph is about 2.3 years old, but it shows what I mean. The warm colours are tracking metrics of value for Berkshire, the cool colours some metrics for the S&P.
https://www.stonewellfunds.com...
Note that these are metrics which correlate with the value of the S&P *index*. Total return progress adds some dividends to that, but can't be graphed the same way. It doesn't change the conclusion.

Jim