2013 Shareholder Letter - Key Quotes
Memorable quotes from Buffett's 2013 letter.
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Key Quotes from 2013 Shareholder Letter
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"Book value is a useful tracking device, but 'significantly understated' proxy for intrinsic value."
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"We have underperformed in ten of our 49 years, with all but one of our shortfalls occurring when the S&P gain exceeded 15%."
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"What counts is per-share intrinsic value. But that's a subjective figure, and book value is useful as a rough tracking indicator."
Source: Full Letter