Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. Munger · chapter 3 · id poor-charlies-almanack-c3-02-berkshire-hathaway-achieved-a-

“Berkshire Hathaway achieved a compound annual return of approximately 19.8% from 1965-2023, roughly doubling the S&P 500's return.”

holdsconfidence: high✓ ZHP-verified + red-teamed

Receipts

Berkshire Hathaway 2023 Annual Shareholder Lettersource alive

1965-2023 compounded annual gain: 19.8% (Berkshire per-share market value) vs 10.2% (S&P 500 with dividends). Overall gain: 4,384,748% vs 31,223%.

Berkshire Hathaway 2024 Annual Reportsource alive

The front page table of every Berkshire annual report confirms per-share performance vs S&P 500. 2024 BRK gained ~27% vs S&P ~25%.

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