Warren Buffett called 2012 "subpar" in his annual
letter to shareholders as Berkshire Hathaway's per-share book value rose 14.4
percent, less than the S&P 500's 16-percent increase.
It's the ninth time in 48 years this has happened. Buffett
notes that the S&P has outpaced Berkshire over the past four years and if
the market continues to gain this year the benchmark stock index could have its
first five-year win ever.
"When the partnership I ran took control of Berkshire
in 1965, I could never have dreamed that a year in which we had a gain of $24.1
billion would be subpar ... But subpar it was..."
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