Warren Buffett：Berkshire 2012 Letter, Excerpt 1

But subpar it was. 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.

Source： https://www.berkshirehathaway.com/letters/2012ltr.pdf
Locator：2012 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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