Admitting that an AI debate in 2026 could provide a framework for analyzing 2015 performance is one thing, but elevating it to definitive proof ignores the specific market conditions of that time.
The maximum value of such analysis depends entirely on its ability to incorporate past strategic intentions, which is rarely the case in future projections.
Projecting 2024 metrics onto 2015 omits the crucial nuance that Berkshire's $61 billion liquidity at the time could have been a calculated defensive position, not a hindrance.
For example, ignoring Warren Buffett's patient strategy of waiting for market dislocations to deploy capital, a practice often observed in Canadian pension funds, misses the essence of their success.
An analysis can only reach its full expression by respecting the historical context and the real motivations behind the figures.