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Like many investors, whether individual or even mutual and hedge fund managers, I look forward to the Chairman’s Letter penned by Warren Buffett inside Berkshire Hathaway’s (BRK.A) annual report. The latest one, which recaps 2014, was released over the weekend, and, as usual, Buffett offers some insight into the company as well as sage advice for investors.
Before we get started, there’s no way to sugarcoat it — in 2014, Buffett and his team underperformed the S&P 500. Berkshire’s per share book value rose 8.3% in 2014, trailing the 13.7% increase in the S&P 500 (including dividends). I’ll explain what happened more»