Warren Buffett：Berkshire 2013 Letter, Excerpt 1

On the facing page, we show our long-standing performance measurement: The yearly change in Berkshire’s per-share book value versus the market performance of the S&P 500. What counts, of course, is per- share intrinsic value. But that’s a subjective figure, and book value is useful as a rough tracking indicator. (An extended discussion of intrinsic value is included in our Owner-Related Business Principles on pages 103 - 108. Those principles have been included in our reports for 30 years, and we urge new and prospective shareholders to read them.)

Source： https://www.berkshirehathaway.com/letters/2013ltr.pdf
Locator：2013 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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