Warren Buffett：Berkshire 2013 Letter, Excerpt 4

Over the stock market cycle between yearends 2007 and 2013, we overperformed the S&P. Through full cycles in future years, we expect to do that again. If we fail to do so, we will not have earned our pay. After all, you could always own an index fund and be assured of S&P results.

Source： https://www.berkshirehathaway.com/letters/2013ltr.pdf
Locator：2013 Chairman's Letter, excerpt 4 · Verified：2026-10-19 · Verification：Short excerpt

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