Subject: Re: In progress observations
He believes Berkshire's stock is highly likely to beat the S&P 500, yet has *a lot* more allocated to the S&P500.

Which is a lot less risky for an investment manager than to act in accordance with his conviction, as he won´t look worse than his competition if the S&P goes nowhere.

And that in a time when the S&P is so richly valued might give the individual investor, free of such constraints, the upper hand.


(Btw: Contrary to a previous post I am not "around 40% of net assets" in Berkshire. "Only" 40% BRK, remainder nearly all cash. Apparently beginning of 2025 I sold far more BRK than I thought. Not that this info is of any relevance for anybody, just wanted to correct a mistake.)