Did you guys see his returns?
Since inception net of fees is 5.4% vs 5.1% with the S&P 500. take taxes into consideration and I bet the index wins by a decent margin.
Paul,
Yes, I [for one] noticed that. [However I'm not sure I understand your comments about the S&P 500 - as I understand things, S&P 500 is measured before tax].
Earlier [after my first post in this topic] I looked up the quaterly holdings for SA on Edgar, and what stoke my mind [from a quick view on it] was that XOM was the second biggest position, next to BRK, in the fund. I would really like to read more about that SA thesis [based on value investing [pricing power etc.], but I'm not entitled to, as a non client.
However, that does not change my mind on or my perception of the SA BRK analysis.