Warren Buffett：Berkshire 2012 Letter, Excerpt 2

One thing of which you can be certain: Whatever Berkshire’s results, my partner Charlie Munger, the company’s Vice Chairman, and I will not change yardsticks. It’s our job to increase intrinsic business value – for which we use book value as a significantly understated proxy – at a faster rate than the market gains of the S&P. If we do so, Berkshire’s share price, though unpredictable from year to year, will itself outpace the S&P over time. If we fail, however, our management will bring no value to our investors, who themselves can earn S&P returns by buying a low-cost index fund.

Source： https://www.berkshirehathaway.com/letters/2012ltr.pdf
Locator：2012 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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