A 22-year follow-up to our 2024 piece, with the lens stretched back to 1988. Berkshire has reverted to its long-term mean against the S&P 500; the S&P 500 has done no such thing. Shiller CAPE at 42, Buffett indicator at a record 233%, $397 billion in cash and a buyback button just barely twitched on.

Explore the performance and controversies surrounding gold, Berkshire Hathaway, and the S&P 500, encouraging shareholders to reflect on their investment choices.