'Subpar' year for Buffett business

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The Independent Online

Last year was a "subpar" year for Warren Buffett's Berkshire Hathaway conglomerate, the investor has told shareholders.

Along with a customary vote of confidence in American business, which, Buffett said, "will do fine over time," the 82-year-old noted that Berkshire's percentage increase in book value in 2012, his preferred metric, had lagged behind the percentage gain in the S&P 500 share index, something that's only happened nine times in 48 years.