Warren Buffett's Berkshire Hathaway has rarely underperformed the market as much as it is now: Berkshire Hathaway stock is down -14% since May 2nd, when Warren Buffett announced he would step down as CEO. Over the same period, the S&P 500, including dividends, has risen by +11%. In other words, Berkshire Hathaway has underperformed the market by ~25%, the most since 2020. This is an even larger shortfall than during 2008 and 2000. The market loves Warren Buffett.(The Kobeissi Letter)