From 1965 to 2023, Berkshire Hathaway expanded its net earnings at a compound annual growth rate (CAGR) of 20% from $2 million to $96.2 billion. A $1,000 investment in the company on the day Buffett took the helm would be worth $2.48 million today. The same investment in the S&P 500 would only have grown to about $68,200.

Ackman, head of the $20 billion hedge fund Pershing Square Capital Management, criticized Buffett for being too passive in managing Berkshire's diverse portfolio, especially Burlington Northern Santa Fe (BNSF).

What Buffett Doesn’t Say. It’s hard to tune out even if you want to. Yet, here’s Buffett – the master of taking the long view – ignoring it all. Or at least not writing