Berkshire 39,000x vs S&P 405x since 1965
From 1965 to 2025, Berkshire Hathaway delivered a 19% compound annual growth rate and a 39,000x return versus the S&P 500's 10% CAGR and 405x return.
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Analysis
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Berkshire Hathaway: The Vanguard of Private Equity
From 1965 to 2025, Berkshire delivered a 39,000x return versus the S&P 500's 405x — a 19% vs 10% CAGR. Warren Buffett himself is essentially the Jack Bogle of private equity: no fees, no carry, just patient ownership of great businesses. The alignment between the two philosophies is not accidental.
Passive assets overtook active funds
Passive index fund assets in the US recently overtook active fund assets for the first time, with passive growing at roughly 30% per year while active mutual funds remain flat.
Jack Bogle's Second Firing: The ETF Battle That Saved Vanguard
Jack Bogle turned down the creator of ETFs in 1992 because he feared they'd encourage speculation. State Street launched the SPDR instead. By 1999, Vanguard was so far behind that the board enforced its mandatory retirement age — selectively — to remove Bogle. His 'firing' unlocked ETFs for Vanguard and BlackRock's eventual dominance. 99% of Vanguard's AUM came after Bogle stepped down.
Jack Bogle's estate: $80 million
Despite founding the largest mutual fund company in the world, Bogle's estate was reportedly worth roughly $80 million — compared to the Johnson family's $40–50 billion from Fidelity.
Similar snapshots
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1 million website visitors total
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90% of Google traffic from free tools
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SiteGPT LTV ~$1,700–$1,800
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50,000 monthly visitors
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SiteGPT reached $10K MRR in month 1
SiteGPT hit $10,000 MRR within its very first month of launch, driven largely by early traction in the AI chatbot space.
Stuck at $2K MRR despite downloads
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