Costs and Financial Aid. The cost of attendance is the total amount of tuition, fees, room and board, books, supplies, and other estimated school expenses. Financial aid is a combination of grants, loans, scholarships, and work-study employment designed to help offset the total cost of attendance.
One of the major problems for an investor looking at that 10% average return figure and mistakenly expecting to realize a nice yearly profit from investing in the S&P 500 is inflation. Adjusted for inflation, the historical average annual return is only around 7%.
The chart below shows the performance of BRK.B and the SPY plotted out over that period. As the data shows BRK.B has had a total return of 58% over this period whereas the SPY has a total return of 71.80%, which is a significant underperformance since the average investor has been able to purchase shares of BRK.B.