Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. Munger · chapter 5 · id poor-charlies-almanack-c5-01-berkshire-hathaway-achieved-a-

“Berkshire Hathaway achieved a compound annual return of approximately 19.8% from 1965-2023, turning $1,000 into over $43 million vs $312,000 for the S&P 500.”

holdsconfidence: high✓ ZHP-verified + red-teamed

Receipts

Berkshire Hathaway 2023 Annual Shareholder Letter (page 1 table)source alive

Compounded Annual Gain 1965-2023: 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 SEC 10-K Filings (EDGAR CIK: 0001067983)paywalled — manual check queued

SEC filings corroborate the per-share book value and market value figures in the annual letters.

This claim is a stable, citable object. If you can falsify a verdict, tell us — corrections are loud here.