Regarding the statement that Buffet has under performed the S&P 500 for the last 15 years: I checked Pg 2 of his 2019 annual report which is a comparison of Berkshire Hathaway's performance annually from 1965 to present and it does not support the statement. It appears he under performed in 6 of the 15 years. In his case, I've noticed that he seems to under perform in years leading up to a recession. These also usually closely track years when he has a very large cash position, which also closely track years in which he says the market is overvalued and when shares and acquisitions command high prices. He currently is about 30% in cash. This would also agree with his statements in an interview ( 1985) in which he says there are only two rules to investing. #l Never lose money. #2 Never forget rule #1. (1985) By the way, according to the same document, since 1965 the S&P500 has returned 19,784% and Berkshire Hathaway has returned 2,744,062%. I also suspect his costs affect his return also. He has a salary of $100,00 annually. His offices and staff are equally spartan. A lot of aspiring .400 hitters (active money managers) could take some lessons there also.