Warren Buffett：Berkshire 2012 Letter, Excerpt 3

Charlie and I believe the gain in Berkshire’s intrinsic value will over time likely surpass the S&P returns by a small margin. We’re confident of that because we have some outstanding businesses, a cadre of terrific operating managers and a shareholder-oriented culture. Our relative performance, however, is almost certain to be better when the market is down or flat. In years when the market is particularly strong, expect us to fall short.

Source： https://www.berkshirehathaway.com/letters/2012ltr.pdf
Locator：2012 Chairman's Letter, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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