Berkshire Hathaway’s Annual report – Douglas R. Jamieson, President of GAMCO Asset Management Incathaway’s Annual report
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You most likely read Warren Buffett’s 2017 chairman’s letter in Berkshire Hathaway’s Annual report that was released on Saturday, February 24, 2018.
Nearly 20% of the letter was spent on reviewing the results of his 10 year bet with Protégé Partners. The bet was that a mindless index – the S&P 500 would outperform five Fund of Funds over a ten year period.
Warren Buffett won the bet and his designated charity - Girls Inc. of Omaha received $2.2 million. Over the ten year period, from the beginning of 2008 thru 2017, the S&P 500 generated a 126% total return versus 88% total return for the best performing Fund of Fund.
Over the same 10 year time frame, GAMCO’s All-cap-value composite generated a 148% gross return or 134% on a net basis.