Warren Buffett is the greatest investor of all time.

In the 20 months leading up to the Dotcom peak:

Nasdaq: +290%

Berkshire Hathaway: −45%

The press called him finished.

Out of touch. Too old. Didn’t understand technology.

Then the bubble burst.

The Nasdaq lost 78%.

Berkshire compounded quietly for the next two decades.

The pain of underperforming a bubble

is the price of not being in one.

No pain. No premium.