But many non-tech companies, like Warren Buffett-led Berkshire Hathaway, have been outperforming the Magnificent Seven so far this year. Some investors may be gravitating toward Berkshire for its reasonable valuation, track record of enduring economic uncertainty, and diversification across various industries.

There’s a good chance that Berkshire Hathaway’s stock will lag the S&P 500 in the coming years. This is a matter of simple probabilities, and not a criticism of Berkshire Hathaway Chairman and Chief Executive Warren Buffett or his designated successors.