Under the anti-growth polices of the 1970s, Berkshire generally shared the weak performance of the rest of the stock market. It wasn't until the Reagan tax cuts that Berkshire really took off. The company also had very strong growth after President Clinton signed a capital gains tax cut in 1997. Berkshire underperformed the market during the recession of 2000-2001, took off to some degree during the partial Bush tax cut of 2001, and has done extremely well since the full implementation of the Bush cuts in 2003.

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