Berkshire Hath No Outperformance

Any time period >8 years, Berkshire Hathaway outperforms the SPY. But this chart is from 8 years, with the blue line BRKA and the green line SPY. 

SPY is paying a dividend along the way, and Berkshire not. To my dying day I do not know why Buffett bought IBM. 

I'm still a buyer at 1.1 times book value or less.