I looked up the source of this chart, and the story is not that simple. Let's look at three charts:

20 years: Berkshire Hathaway outperforms S&P

15 years: Tie (which is the second chart below)

5 years: Berkshire Hathaway underperforms S&P, the gap widened mainly after the epidemic

So the story goes like this:

From 2000 to 2010, Buffett did a lot of things right, with returns far exceeding S&P. I remember one of them was PetroChina, which made a lot of money.

The difference between Buffett and S&P widened mainly after the epidemic. During this period, it was clear that money was being thrown around, and tech stocks soared. Even Buffett couldn't resist buying a cloud company that provides data services.

Looking further ahead, it's hard to say.

Conclusion:

The value investing belief is still there 😂

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