Warren Buffett released his latest annual letter to Berkshire Hathaway (NYSE: BRK-B ) shareholders on Friday. You can read the whole thing here, but I pulled out some of the best quotes below.
On performance: "For the ninth time in 48 years,
Berkshire's percentage increase in book value was less than the
S&P's percentage gain (a calculation that includes dividends as well
as price appreciation). In eight of those nine years, it should be
noted, the S&P had a gain of 15% or more. We do better when the wind
is in our face. To date, we've never had a five-year period of
underperformance, having managed 43 times to surpass the S&P over
such a stretch."
On Berkshire's future leaders: "Todd Combs and Ted
Weschler, our new investment managers, have proved to be smart, models
of integrity, helpful to Berkshire in many ways beyond portfolio
management, and a perfect cultural fit. We hit the jackpot with these
two. In 2012 each outperformed the S&P 500 by double-digit margins.
They left me in the dust as well. ...Todd and Ted are young and will be
around to manage Berkshire's massive portfolio long after Charlie and I
have left the scene. You can rest easy when they take over." (more)
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