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Graham and Dodd viewed stocks as special cases of bonds. That is, they bought stocks for their dividends, rather than for potential capital gains. There was, however, one noticeable difference...

Warren Buffett's Berkshire Hathaway Inc. (NYSE: BRK.A) (NYSE: BRK.B) has modestly underperformed the S&P 500 since the beginning of 2002 (up to the end of 2020). The difference is not...