Buffett losing some shine after 50 years

His long-term performance is nothing but astounding, but in five of the last six years he has underperformed the S&P 500, using book value

New York

WARREN Buffett is taking a victory lap, and on the 50th anniversary of his reign at Berkshire Hathaway he is entitled to it. From a failing New England textile company, Berkshire became the vehicle for one of capitalism's greatest investing feats.

Mr Buffett is one of the world's richest men - and he has made his shareholders an astounding amount of money. How much, exactly? He cast a spotlight on that question in his annual letter to shareholders, issued on Feb 28. In a break with tradition, the letter included a table on its second page that enumerates the market return of Berkshire shares, year by year.

Until now, he has favoured another method for measuring success: the change in the...


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