Hi, all. I hope you had a happy and healthy year in 2025, and that you had a satisfactory return on your investments. I wish you the same for 2026 and beyond. Here are some benchmark returns for 2025 and 2000-2025 (26 years) that you may find helpful for comparison. As always, each individual's return will probably depend primarily on their asset allocation, and to a lesser degree on individual security selection. Were they 90% stocks/10% bonds as Buffett recommends, or were they their age in bonds (76% for someone my age).

period, S&P 500 return, BRK.A return, 3-month T-Bill return

2025, 17.9%, 10.9%, 3.7%
2000-2025, 8.1%, 10.5%, 2.8%

In my own case (I don't mind revealing if it illustrates the point about asset allocation) I had a poor return in 2025, as I was allocated 31% in stocks (basically BRK.B)/68% T-Bills and 1% cash, for a total portfolio return of 6.4%. For the period 2000-2025 I did better. I slid down the asset allocation glide path from 52% stocks in 2000 to 31% in 2025, with a few significant excursions, such as 92% in stocks in 2009 (after the crash). For the 26-year period my total portfolio underperformed the S&P 500 by 1.6 percentage points, 6.5% versus 8.1% for the S&P, but my stocks outperformed the S&P 500 by 1.5 percentage points, 9.6% versus 8.1% for the S&P. I hope that my stocks (basically BRK.B) will continue to outperform the S&P 500 as I continue to reduce my allocation to stocks. Wish me luck.

Happy New Year,
rrr12345