Bearish On Berkshire Hathaway? Don't Bet Against Buffett

The best mutual fund in the world carries a management expense ratio of zero. The fund’s brilliant manager, however, is 85 years old (and appears to subsist on junk food) while his partner is 92. Of course, Berkshire Hathaway Inc. is neither a mutual nor closed-end fund, but its diversified portfolio of businesses does make it look like a fund—one that has consistently outperformed the S&P 500 for 50 years. Along with its main insurance and reinsurance businesses,...