Words to Remember
There's Safety In Numbers 🧠
“Diversification is the only free lunch in investing.”
Why we ran it
Berkshire Hathaway's compounded annual return of 19.7 percent since 1965 dramatically outperformed the S&P 500, but by 2016 through 2025, Berkshire slightly trailed the index at 14.3 percent to 14.8 percent. With Buffett's performance edge fading as company size and open information reduced old advantages, Markowitz's belief in spreading risk remained fundamental.
From the September 25, 2026 issue: The Game Buffett Won Is Gone →