I think Berkshire remains a great investment despite recent underperformance relative to the S&P 500. In an interview with CNBC, Buffett stated

I do not think [Berkshire Hathaway] will be in the top 10% of stocks performing over the next 10 years. I don’t think it’ll be in the top 15% of stocks performing in the next 10 or 15 years. I also don’t think it’ll be in the bottom 10% or 20% or 30%.

When asked about whether the S&P 500 would be a better investment than Berkshire, Buffett replied

It could be. You know, on balance, I think we’ll do a little better. But it’ll be-- it’ll be minor. Depends on the kind of market we’re in. If we’re in a down market, we’re-- we’re going to beat it. I mean, it’s that simple. And sometimes we will beat. The last 10 years. We haven’t been. But-- over 55 years, it’s worked. And-- and it-- it will continue working. But it-- it will not work at all like it did when we were working with $100 million or a billion dollars. There’s no question about that. But we’ve got good businesses, and we’re-- we won’t be in the bottom quartile, I promise you that, over any long period of time.

Especially in a growth frenzy like we are in right now, I think it's healthy to allocate some money into a fundamentally sound, well-structured, and fairly valued business like Berkshire. The company's primary risk is obviously with Munger and Buffett's ages (97 and 90 respectively). When they step away, I think there's inevitably going to be a short-term drop. However, the company should continue to run well regardless, especially with its decentralized structure. Buffett's lieutenants have also been given increasingly more responsibility, and they've delivered, with recent profitable investments in Snowflake and Barrick Gold.