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S&P 500 and double counting

Abbreviated Question: 
S&P 500 and double counting
Answer: 

Yes, there is a potential for double counting---in the case of publicly traded companies included in the SP500 that are also held in the Berkshire's portfolio (e.g., Apple or American Express). The extent to which this may skew any ratings or analyses would depend on the diversification of the latter portfolio and Berkshire's own weight in the SP500 index. That said, Berkshire Hathaway also owns many privately held companies (i.e., companies that don't issue publicly traded shares).