Subject: Re: About that Berkshire
I agree. A 1.7% total win for the SPY vs. BRK over 20 years is actually a win for BRK given that, during this period, SPY has gone from (probably) fairly valued to significantly overvalued (figures will vary, but 40%-50% overvaluation comes to mind), whereas the same cannot be said about BRK at both end points.

This is (hopefully) not a post-hoc justification because I hold BRK, but not SPY. Instead, it's a statement that valuation matters A LOT.