Subject: Re: Trailing the index again
I'd submit the average Boglehead has not come close to actually outperforming a concentrated Berkshire investor for two reasons:

1) Most BH's seem to keep at least 30% of their portfolios in bonds as they think this is 'conservative' and
2) Most BH's have a 20%-40% allocation to foreign equity which has dragged down their returns vs. all-US equity over the past decade or so.

I'm sure there are some BH's who just own VOO or VTI but most I know don't and own a healthy serving of bonds/foreign equity.