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In Search of Market Outperformance: Another Look at Berkshire Hathaway

In hindsight, few stocks are as acclaimed as Berkshire Hathaway (BRK) for long-term, wealth-generating, market-beating performance, even with its documented higher risk. Do the results apply across holding periods? Do the results hold in foresight? Addressing these questions, we compare the returns, volatilities, and Sharpe reward-to-variability ratios for BRK-A, the S&P 500, and an application of modern portfolio theory (MPT) for evidence of market outperformance in both hindsight and foresight. The period of study is from January 1, 1990 through December 31, 2019. Whether in hindsight or foresight across holding periods, evidence of BRK’s outperformance, in terms of risk-adjusted returns, is mostly elusive. Although investors may still view the stock as a significant wealth generator, they should be circumspect of it as a robust addition to a portfolio.