Warren Buffett's 2010 Shareholder Letter: What to Expect
Harvard Business Review
FEBRUARY 24, 2011
Establish "an unbending standard of performance" : Since 1965, Buffett has annually compared Berkshire's compounded growth in book value per share to the growth in the S&P 500 (plus dividends). In all but seven of these 45 years, Berkshire beat the S&P. But why compare apples (book value) to oranges (share price and dividends)?
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