Ben Gilbert: recommendation

Transcript context

…Massive tax deferrals. All right, grading. I want to grade this the same way that we graded the last one, which is we are going to look at their pure performance versus the S&P 500 during that same time frame. You may recall that in the Buffett Partnership years, the annualized return was 29.5% annual return over those 12 years. Historic, legendary. I think what we determined was something like a 28X. That 12 years you could comp nicely against a venture fund and say, if anyone could 28X the money, then they'd be a top decile fund for sure. And the Buffett Partnership had the increased benefit of you could take all your money out or put all your money in at any given year. You didn't even have to lock it up for the entire life of the fund the way that a venture fund does. Slam dunk, I think we call that an A or an A+. This set of years were going to look at 1970, so the year immediately following the liquidation of the partnership, to 1992. We're going to look at just Berkshire Hathaway over that stretch of time. Their rate of return, pretty similar, 27.4%. I don't know how you like the Buffett Partnership years and don't like these. These is the golden years of Berkshire Hathaway. Totally, wow. I didn't realize that that's what the number was. It's just like Michael Jordan. He went out at the top of his game, he came back and he won three more championships, and then he went to play for the Washington Wizards.…

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