David Rolfe, chief investment officer of Wedgewood Partners, recently provided an update on a 10-year market bet he made with Marketwatch columnist Nicholas Vardy about two years ago.

The bet was that, over a 10-year stretch starting last March, Berkshire Hathaway Inc. (NYSE: BRK-B)’s stock would outperform the Vanguard Russell 2000 ETF VTWO 2.24%.

After two years, Berkshire’s shares are up about 18.0 percent, while the Russell 2000 ETF is down 8.0 percent.

Looking ahead to the next year, Rolfe predicts that Berkshire will continue to widen its performance gap over small-cap stocks. He sees long-term growth and valuation advantage for Berkshire and its holdings. This advantage makes…

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