Well, I hoped I would be done with this, but this one is just too great to pass up.....
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If you were trading microcaps for the past 4.5 years, BRSIX is a microcap index fund that did much better.
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5 year average return for BRSIX (from Yahoo): 23.88%
DC: "For me this approach has been good for a 42% annualized after-tax return."....which would you rather have your $10k grow into: $29,000 or $58,000?
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IJJ (mid cap value idx) and IJS (small value idx) returned about the same as you - around 45-50%.
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"45-50%" cumulative versus "42% annualized after-tax return"....which would you rather have your $10k grow into: $15,000 or $58,000?
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Maybe you were heavy in energy. If so, how did you do versus XLE.
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I doubt the first statement, but I like his chances versus the
second.
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Buying 1% of a company and buying 100% of a company is so different that if you fail to recognize this, arguing with you is more hopeless than I ever imagined. Surely you don't believe this and were trying to use hyperbole to make a point.
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I'm sure there are better quotes out there in the BRK letters, but this is all I had time to find right now: "[Graham's] 3 basic ideas...are: 1. that you should look at stocks as part Ownership of a business...." (Buffett quote from 1994 NYSSA Tribute to Ben Graham)