Berkshire Hathaway 2013 Letter to Shareholders

On the facing page, we show our long-standing performance measurement: The yearly change in Berkshire’s per-share book value versus the market…

As I’ve long told you, Berkshire’s intrinsic value far exceeds its book value. Moreover, the difference has widened considerably in recent years.…

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…

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…