Over the course of the past few years, Warren Buffett's Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) has measurably outperformed the S 500 (SNPINDEX: ^GSPC). That's not exactly news, of course. The Oracle of Omaha's stock picks have beaten the broad market in most years since the company was taken over by Buffett back in 1965. Buffett's value-oriented regimen works!

For the past couple of years, however, something curious has happened. Berkshire stock is still beating the market. But the company's very biggest holdings, like Apple (NASDAQ: AAPL), Bank of America (NYSE: BAC), American Express (NYSE: AXP), and Coca-Cola (NYSE: KO), are at best merely keeping up with the S 500, or at worst severely lagging it.

What gives?

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Source Fool.com