SPY has a cumulative return of ~370% from start of 2000. BRK.B is at ~1,200%. That's a pretty big difference. You can discount Apple as being part of the portf

SPY has a cumulative return of ~370% from start of 2000. BRK.B is at ~1,200%. That's a pretty big difference. You can discount Apple as being part of the portfolio, but that's a bit like saying, well they wouldn't have done so well if we remove the high performing stocks in the portfolio.