Paulene

Thank you for this.

Buffett has said many times that Berkshire wasn't the most efficient tax structure. However, it was baked in at inception and there is nothing to be done about it. They do well, anyway. Berkshire is not a proxy for the S&P 500. It has a different collection of companies--and management. So, the issue is whether you trust Berkshire to make better investments than the S&P index, and what you think of their strategy for deploying cash. There are a lot of moving parts besides taxation. Understanding the various types of businesses, market cycles, and your own, as well, are just a few.