Most of Berkshire's stock holdings are fully priced and are unlikely to deliver more than moderate returns in the future.

Judge over 2001–2010, a ten-year horizon chosen because the claim gives none. Use Berkshire's major common stock holdings at end-2000, as listed in the 2000 letter. Moderate returns means an annualized total return, including dividends, of about 10% or less, roughly the long-run US equity average. True: holdings making up a majority of that portfolio's market value returned about 10% a year or less over the period. Mostly true: a majority did, but one notable holding did much better, or the majority is narrow (just over half of the value). Mixed: about half of the portfolio value delivered moderate or lower returns and about half delivered clearly more. Mostly false: most of the value delivered more than moderate returns, but the outperformance was modest (about 10–13% a year). False: most of the value delivered strong returns, clearly above 13% a year.

Set before the research began.

1. E1 Berkshire Hathaway shareholder letter 2000: cleaned full text | izsxx.com izsxx.com (third-party archive of the 2000 letter)

   “Below we present our common stock investments. Those that had a market value of more than $1 billion at the end of 2000 are itemized.”

2. E2 A Tale of Two Decades: Lessons for Long-Term Investors | Dimensional Dimensional Fund Advisors · 3 February 2020

   “Annualized returns for the S&P 500 during that market period were −0.95%.”

3. E3 Consolidated Financial Statements Berkshire Hathaway Inc. Own record

   “| Equity securities | 37,619 | 37,772 |”

E2 shows that the 2000 letter itemises the common stock holdings worth more than $1 billion at end-2000, which fixes the portfolio to be judged. None of the evidence gives the annualized total returns of those holdings over 2001–2010, or their weights by market value. E4 gives only a market-wide S&P 500 figure, and its period is not tied to 2001–2010 in the quote. E6 is a single balance-sheet line with no return data. The criteria cannot be applied, so the claim cannot be resolved.