Warren Buffett's Annual Letter Calls Year With 45% Profit Jump Subpar

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Warren Buffett's annual letter calls year with 45% profit jump subparOMAHA, Neb. (AP) - Investor Warren Buffett says last year was "subpar" for his company even after posting a 45 percent increase in profit, because the value of Berkshire Hathaway (BRK-A, BRK-B) trailed the overall market.

Buffett said Friday that 2012 was only the ninth time in the past 48 years that Berkshire's book value per share failed to outpace the S&P 500.

The legendary investor also confessed that the two investment managers he hired over the last few years left Buffett in their dust.

Berkshire's net income soared in 2012 to $14.8 billion, up from $10.3 billion the previous year, but most of the increase came from paper gains on its investments and derivative contracts.

Without the paper gains, Berkshire's operating earnings advanced 17 percent to $12.6 billion, up from the previous year's $10.8 billion.

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IN MY OPINION ONLY

The famous gentleman, Buffett.

May 29 2013 at 11:48 PM Report abuse rate up rate down Reply
bilhee

I was sure happy with Brk-B's performance this year..Thanks Mr Buffett..but please check out the insider trading involved with the purchase of Heinz

March 03 2013 at 8:45 AM Report abuse -3 rate up rate down Reply
rrusrjr2

Selective appall, that is the reaction taken by the liberal whack attackers. Buffett made mega money, but, he contributes to the Obama coffers. Any other company or person Obama adverse, out come the left pointing fangs. Selective appall.

March 02 2013 at 9:40 AM Report abuse +1 rate up rate down Reply