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has been a core holding since the inception of our Grey Owl Opportunity Strategy on November 1, 2006. From this date through September mulberry outlet york 30, 2013, Berkshire has provided a total return of 61.47% compared to 41.24% for SPY, the S 500 index ETF. This performance is not a function of "multiple expansion." Rather, the returns of the underlying Berkshire businesses and investments have provided the results.zy0510


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