In his latest letter to investors, Berkshire Hathaway Chairman Warren Buffett highlighted the company's short-term and long-term results. He also focused on what different accounting rules mean for the firm's different performance measures and why be believes "The American Tailwind," which he credits for making Berkshire's success possible, is here to stay.
"It is beyond arrogance for American businesses or individuals to boast that they have 'done it alone,'" Buffett wrote. "The tidy rows of simple white crosses at Normandy should shame those who make such claims."
Berkshire's earnings
Since 1964, Berkshire's compound annual growth rate has averaged 20.5% in market value and 18.7% on book value vs. 9.7% for the S&P 500 (including dividends). In 2018, Berkshire shares improved 2.8% in market value and 0.4% in book value, compared with a drop of 4.4% in the S&P 500.
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