An investor with low funding costs and stable funding source can always beat the market in theory. Studies suggest that the bulk of BRKs excess returns are due

An investor with low funding costs and stable funding source can always beat the market in theory. Studies suggest that the bulk of BRKs excess returns are due to leverage and deep balance sheets that allows him to buy deep value but more importantly to be able to hold those stocks long term. A smaller investor who tried to duplicate that strategy would have been stopped out due to margin calls. For example it isn't everyone that can sell, and hold, a ten year billion dollar put on the S&P 500 like BRK did in 2008.