Since 2000, Berkshire has outperformed the S&P 500 (with dividends included) each negative S&P500 year

Thanks for posting that. I was reading an old 'BRK vs S&P' thread, and it dawned on me that therein rests my #1 comfort factor in BRK. I did not have the data in front of me, but I was pretty sure that was the case and have been meaning to check.

I have no problem with having a slightly less good year than the general market when things go up. I'm not greedy. This year I have watched many of my recently retired friends suffer some real stress, watching their nest egg shrink. I've been warning them about multiples, asking how they expect to see continued gains, but the standard mantra about trusting the steady rise of the index led some of them to a rather unrealistic 'clap if you believe in Tinkerbelle' state of mind. I'm sure they will be fine in the long run, but I will have slept better.

And thanks for the new board....

dwerme