Does Icapital.biz outperform Berkshire Hathaway Inc.?

On its facebook page, Capital Dynamics used the chart to compare the performance of Icapital.biz vs. Berkshire Hathaway (Tan Teng Boo vs Warren Buffett)

Icapital.biz was listed on 19 Oct 2005.

IPO offer price: RM1/share

Special dividend of 9.5sen/share went ex on 17 September 2013

Closing price on 13 September 2013 (a trading day before ex for dividend): RM2.40

Closing price on 3 Oct 2014: RM2.43. 

Adjusted closing price on 3 Oct 2014: (2.40/2.305)*2.43 = 2.53

Berkshire Hathaway closing price on 18 Oct 2005: 84,600

Berkshire Hathaway closing price on 3 Oct 2014: 208,750

18 Oct 2005 - 3 Oct 2014

Icap's return: 153%

Berkshire Hathaway's return: 146.7%

For this period, Icap outperformed Berkshire Hathaway by 6.3%. However, the gap in the above chart appears to show wider gap (about 25%) between the performance of these two listed companies.

18 Oct 2005 - 5 Dec 2015

Closing price on 5 Dec 2014

Icap: RM2.36

Icap adjusted share price: 2,40/2.305*2.36 = 2.45

Berkshire Hathaway: 225,640

Icap's return: 145%

Berkshire Hathaway's return: 166.7%

Berkshire Hathaway outperformed Icapital/biz by 21.7%

When Icapital.biz was launched, it was targeting CAGR of 15% to 20%. Icap is into its 10th year. At CAGR of 15% to 20%, the NAV should worth at least RM3.52 and RM5.16 by now.