To be completely honest, I’m not much of an analyst. I bought Berkshire for the first time on 12/31/2012 which was shortly after Buffett repurchased stock and raised the threshold from 1.10x book to 1.2x book. My thought process was, ‘the next time I saw Warren do a repurchase I would buy some’, that was the extent of my analysis. And since then, I have added when it got toward the 1.25x plus level, and added a lot after 2020/21 when Warren bought back a ton, I bought at similar prices. I am coat-tailing what I considered to be the best insider of all time.

My reasoning from today onward is that with its size, Berkshire is unlikely over the next very long period of time outperform the index, it may match it. I really have no idea. If Buffett were 80 and I had perfect knowledge that he would live for another 15 years, likely I wouldn’t be as concerned, throughout my holding period I always had a warm comfy feeling that Warren was there so ‘I’m good’.

So, this is what I have come up with, selling ‘some’ each year and it still may be a big part of my portfolio in 5 years too.