Warren Buffett：Berkshire 2013 Letter, Excerpt 3

Charlie Munger, Berkshire’s vice chairman and my partner, and I believe both Berkshire’s book value and intrinsic value will outperform the S&P in years when the market is down or moderately up. We expect to fall short, though, in years when the market is strong – as we did in 2013. We have underperformed in ten of our 49 years, with all but one of our shortfalls occurring when the S&P gain exceeded 15%.

Source： https://www.berkshirehathaway.com/letters/2013ltr.pdf
Locator：2013 Chairman's Letter, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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