Last Time Buffett Under-performed the Market this Badly was 1999
The table above is straight from the Berkshire Hathaway annual report, which was released today.
The first column is the annual change in Berkshire’s Book Value Per-Share followed by the performance of the S&P500 with dividends included, and the difference. This is Buffett’s favorite measure on how his company is performing vs. the stock market.
As you can see, Buffett’s book value per-share increase in 2013 under-performed the S&P500 by 14.2%. The last time the under-performance difference was double-digits like this was in 1999.
Was there anything special about 1999? I forget.