Morgan Housel

I don't think so.

I think the most likely outcome is muddle through.

And what muddle through means are periods of very high interest rates and very high inflation that people are sick of and tired of and hurts a lot of people.

And the truth is, I was understating it.

It's actually like 99.6% or something like that, that it could decline.

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.