Subject: Re: Numbers
BRK's 2025 YTD return now trails that of the S&P 500 index. Amazing reversal since May.

This is an interesting variation of the chart: BRK/B and SPY plotted at their own absolute prices.
https://stockcharts.com/sc3/ui...

Seen this way, it seems to be a big risk on / risk off thing going on year to date, with SPY on a roll with risk on, and BRK on a roll with risk off. The central panic-and-bounce part of April seems to be the only bit with a positive correlation.

So much for the myth that super large caps in the S&P 500 are all just index trackers these days. At least, not yet.

Jim