Subject: Re: BRKB vs SPY last 5 years
The question Divi20 would never answer was what were his assumptions for the S&P in terms of earning growth and/or multiple expansion that would occur for the index to beat BRK. Would the earnings of the entire index soar? BRK earnings tank? P/E ratios grow to the sky?

That's the part I got tired of. The observation he objected to was:

SPY: Price expanding faster than the valuation.
BRK: Price not expanding faster than the valuation.

So if you believe in the weighing machine, the latter is the better investment. The overarching theme of this board over two decades (thanks largely to mungofitch) has been sometimes BRK is a great value, and sometimes it isn't. Divi never picked up on that nuance.