Morgan Housel

His was about 20.

And I think the S&P nominal with dividends is...

is probably like 11 or 12.

So maybe it's 8 or 9% outperformance.

But he did that outperformance over 60 years.

And so the cumulative performance, I'm pretty sure, I'm saying this off the top of my head.

If I'm getting this a little bit wrong, I'm sorry.

But I think the S&P 500 is 35,000% since Buffett took over.

And Berkshire's return was 5.5 million%.

And so even if it's only, quote unquote, only 9% per year, over 60 years, it just gets- Incredible.

Insane, preposterous.

And you know, Buffett's current net worth is, I think, 130 billion, but he's given so much away to charity that if you count that in, it's something like 500 billion.

That if he hadn't given money away to charity, he'd be worth 500 billion.

He'd be the richest man alive by far.

And he started with 10,000 bucks.

And I mean, and then turned it into half a trillion.

And so that's, but I think the biggest lesson here, and this is the most important for ordinary people, is that like, look, you can't pick stocks like Buffett.

You can't analyze businesses like Buffett.

He's smarter than you.

And he operated in a different era than all of us.