I absolutely agree with this comment. It occurred to me to build an analysis over the period of 48 years in a theoretical fund that invests 100% of its assets in shares of BRK. In this scenario, the ratio is above 1 only in 5 years and it is well known how well an investor would have made had it invested this way. I do welcome any attempts to quantify asset management skill though as it would be of great help to the Industry.