Key Quotes from 2012 Shareholder Letter

1. "For the ninth time in 48 years, Berkshire's percentage increase in book value was less than the S&P's percentage gain."

2. "Our partnership took control of Heinz in June, and operating results so far are encouraging."

3. "It's back to work; Charlie and I have again donned our safari outfits and resumed our search for elephants."

4. "It was a good year for Berkshire on all major fronts, except one."

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Source: Full Letter