"To date, we’ve never had a five-year period of under-performance, having managed 43 times to surpass the S&P over such a stretch. But the S&P has now had gains in each of the last four years, outpacing us over that period. If the market continues to advance in 2013, our streak of five year wins will end."
From the Berkshire Hathaway 2012 shareholder letter (emphasis mine).
The explanation is simple. I bought BRK 2 years ago. If Warren Buffett knew it he would pay me to sell my shares :). As a matter of fact having breakfast with him once would suffice as I would still be happy to sell my shares at least now when I have no loss.
Not only did I stop Apple (see my post here) but I made it lose around 35% of the value so BRK seemed to be the next obvious target.
After all Douglas Kass, the investment manager who accepted billionaire Warren Buffett’s challenge of asking bearish questions about the company at its annual meeting in May might end up being right ... as long as I own the stock. He was (perhaps he still is) a BRK short seller.
Kass Takes Buffett’s Challenge to Present Bearish Questions
@curbexcitement
