Breaking News

Berkshire vs. S&P 500: Which Won In 2012?

By David KassETFsJan 02, 2013 12:18PM ET

www.investing.com/analysis/berkshire-vs.-s-p-500:-which-won-in-2012%20-149337

Berkshire vs. S&P 500: Which Won In 2012?

By David Kass | Jan 02, 2013 12:18PM ET

Saved. See Saved Items.

This article has already been saved in your Saved Items

US500

-1.78%

Add to/Remove from Watchlist

BAC

-1.96%

Add to/Remove from Watchlist

NWSA

+0.43%

Add to/Remove from Watchlist

BRKb

-0.13%

Add to/Remove from Watchlist

PSX

+2.55%

Add to/Remove from Watchlist

Warren Buffett’s Berkshire Hathaway outperformed the S&P 500 in 2012. Berkshire’s shares rose 17% last year, exceeding the 13% gain in the S&P 500 (The S&P 500 advanced 15% with dividends included). The primary drivers of Berkshire’s outperformance included its announced plans to repurchase its shares at prices below 120% of book value versus its previous target of 110%. This effectively set a new floor under the price of its shares that is 10% higher than previously. The new “floor” translates into about $135,000 per A share and $90 per B share. In addition, Berkshire’s 700 million Bank of America warrants increased in value by $3 billion, as the underlying common shares doubled in 2012. Finally, investments by Buffett’s recently hired portfolio managers, Todd Combs and Ted Weschler, performed extremely well. These included large positions in DaVita HealthCare Partners, Phillips 66, and Liberty Media which gained over 45% in 2012.

I am quoted in a Bloomberg article on this topic:

Weschler and Combs are probably “on average outperforming the S&P 500,” said David Kass, a professor at the University of Maryland’s Robert H. Smith School of Business who has taken groups of students to meet the billionaire in Omaha. “That’s a wonderful indication” that they were good hires, he said.

The entire article is available here.

Related Articles

This ETF Saw Huge Inflows and Topped the Vanguard S&P 500 ETF in... By Dave Kovaleski - Mar 05, 2025

The oldest ETF, the SPDR S&P 500 Trust, had the most inflows in February. The $14.6 billion in inflows allowed it to surpass the Vanguard S&P 500 ETF. Which ETFs saw the...

Invesco NASDAQ 100 ETF: Key Things Canadian Investors Should Know... By Tony Dong - Feb 28, 2025

If the Vanguard S&P 500 Index ETF (VFV) doesn’t give you enough large-cap U.S. equity exposure as a Canadian investor, Invesco NASDAQ 100 Index ETF (QQC) is one of the most...

3X-Leveraged ETFs: Amplify Returns With These 3 Top Picks By Nathan Reiff - Feb 04, 2025

Leveraged exchange-traded funds (ETFs) substantially increase the potential reward of an investment by affording investors the chance to generate double or triple the returns of...

Add a Comment

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:

Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
Only English comments will be allowed.
Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

I have read Investing.com's comments guidelines and agree to the terms described.

I Agree

Write your thoughts here

Are you sure you want to delete this chart?

Delete Cancel

Post

Post also to:

Replace the attached chart with a new chart ?

Replace Cancel

1000

Comment Guidelines

Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.

Please wait a minute before you try to comment again.

Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.

<div id="comment">
				<div class="comment js-comment" data-comment-id="{commentID}" id="comment-{commentID}" data-user-id="">
    <div class="mainComment js-content">
       <div class="commentInnerWrapper">
        <a href="{userLink}" class="js-user-link"><img src="{userImage}" width="33" height="33" alt="{usernameAlt}" class="img" onerror="this.src='https://i-invdn-com.investing.com/defaultUserMaleTmp.png';"></a><div class="commentBody">
                					<span class="commentUsername">
                    	<a href="{userLink}" class="js-user-link js-user-name">{username}</a>
					</span>
                                <span class="js-date" comment-date="{dateFormat}" comment-date-formatted="{dateFormatted}" title="{dateTitle}">Just Now</span>
                <div class="commentDropDown js-commentDropDownWrapper " data-user-id="" data-cid="{commentID}">
	<a href="javascript:void(0);" class="threeDotsIconSmall js-thinDropdownArrow"></a>
	<div class="tooltipPopup commentActionsPop noHeader js-commentDropDownOptions displayNone">
		<div class="addRow js-option share">
			<a href="javascript:void(0);" class="js-commentSharePopup" data-cid="{commentID}" data-curl="{commentLink}"><span class="smallShareIcon middle"></span>Share</a>
		</div>

<div class="js-option addRow follow">
            <div class="js-follow-post-button" data-reg_ep="follow comment">
                <span class="alertfollowIcon middle"></span>Follow this post            </div>
            <div class="js-unfollow-post-button displayNoneImp">
                <span class="alertUnfollowIcon middle"></span>Unfollow this post            </div>
        </div>

<div class="addRow js-option save"  data-reg_ep="save comment">
		<a href="javascript:void(0);" class="js-save-item-btn" data-item-type="comments" data-item-id="{commentID}">
			<i class="saveItemBigIcon middle"></i>
			Save		</a>
	</div>
	<div class="addRow saveItemsConfirmation noHover displayNone js-saveItemResult">
		
<div class="content js-saveItemSuccess displayNone">
	<span class="mediumGreenSuccessIcon"></span><span>Saved. See <a href="/members-admin/saved-items" target="_blank">Saved Items</a>.</span>
	<a href="javascript:void(0);" class="bugCloseIcon js-close"></a>
</div>
<div class="content js-saveItemAlreadySaved saveItemAlreadySaved displayNoneImp">
	<span>This comment has already been saved in your <a href="/members-admin/saved-items" target="_blank">Saved Items</a></span>
	<a href="javascript:void(0);" class="bugCloseIcon js-close"></a>
</div>
	</div>

<div class="addRow shareButtons js-sharePopup displayNone">
			<div class="js-shareComment"><span class="js-shareCommentSpan"></span></div>
		</div>
	</div>
</div>
                 <div class="commentAuthor js-comment-by-author"><span class="commentAuthorIcon"></span>Author's response</div>             </div>
		<div id="commentText-{commentID}" class="js-text-wrapper commentText withImage">
							<div id="commentBigChart{commentID}" class="commentBigChart js-comment-chart" onclick="openViewChartPopup('{commentID}')">
					<img src="https://d1-invdn-com.investing.com/comments_images/{commentImage}" alt="{commentAlt}">
					<i class="newMagnifyChartIcon"></i>
				</div>
						<span class="js-text">{commentContent}</span>
			<div class="clear"></div>
							<div class="commentButtons js-not-master-user">
					<a href="javascript:void(0)" class="reply js-reply-btn" data-real-parent-id="{commentID}" data-to-user-name="{username}" data-to-user-id="">Reply</a>
					<div class="inlineblock likeDislikeBox js-like-dislike-box" data-item-id="{commentID}">
	<input class="js-like-checkbox" type="checkbox" name="option" value="Yes" id="like_{commentID}">
	<label for="like_{commentID}" class="like" title="I agree"></label>
	<span class="numOfLikes js-like-count lighterGrayFont">0</span>
	<input class="js-dislike-checkbox" type="checkbox" name="option" value="No" id="dislike_{commentID}">
	<label for="dislike_{commentID}" class="dislike" title="I disagree"></label>
	<span class="numOfDislikes js-dislike-count lighterGrayFont">0</span>
</div>

<div class="reportComment js-flag float_lang_base_2">
                            <a href="javascript:void(0);" id="commentFlag_{commentID}">
                                <span class="reportCommentIcon middle"></span><span class="inlineblock middle">Report</span>
                            </a>
                        </div>
                    				</div>
					</div>
	   </div>
	</div>
	</div>			</div>
			<div id="reply">
				
    <div class="commentReply js-comment js-comment-reply" data-comment-id="{commentID}" id="comment-{commentID}" data-user-id="">
		<div class="commentInnerWrapper"><a href="{userLink}" class="js-user-link"><img src="{userImage}" width="33" height="33" alt="{usernameAlt}" class="img" onerror="this.src='https://i-invdn-com.investing.com/defaultUserMaleTmp.png';"></a><div class="commentBody js-content">
            				<span class="commentUsername">
					<a href="{userLink}" class="commentUsername js-user-link js-user-name" onMouseOver="">{username}</a>
				</span>
                        <span class="js-date" comment-date="{dateFormat}" comment-date-formatted="{dateFormatted}" title="{dateTitle}">Just Now</span>
			 <div class="commentAuthor js-comment-by-author"><span class="commentAuthorIcon"></span>Author's response</div> 			<div class="commentDropDown js-commentDropDownWrapper " data-user-id="" data-cid="{commentID}">
	<a href="javascript:void(0);" class="threeDotsIconSmall js-thinDropdownArrow"></a>
	<div class="tooltipPopup commentActionsPop noHeader js-commentDropDownOptions displayNone">
		<div class="addRow js-option share">
			<a href="javascript:void(0);" class="js-commentSharePopup" data-cid="{commentID}" data-curl="{commentLink}"><span class="smallShareIcon middle"></span>Share</a>
		</div>

<div class="js-option addRow follow">
            <div class="js-follow-post-button" data-reg_ep="follow comment">
                <span class="alertfollowIcon middle"></span>Follow this post            </div>
            <div class="js-unfollow-post-button displayNoneImp">
                <span class="alertUnfollowIcon middle"></span>Unfollow this post            </div>
        </div>

<div class="addRow js-option save"  data-reg_ep="save comment">
		<a href="javascript:void(0);" class="js-save-item-btn" data-item-type="comments" data-item-id="{commentID}">
			<i class="saveItemBigIcon middle"></i>
			Save		</a>
	</div>
	<div class="addRow saveItemsConfirmation noHover displayNone js-saveItemResult">
		
<div class="content js-saveItemSuccess displayNone">
	<span class="mediumGreenSuccessIcon"></span><span>Saved. See <a href="/members-admin/saved-items" target="_blank">Saved Items</a>.</span>
	<a href="javascript:void(0);" class="bugCloseIcon js-close"></a>
</div>
<div class="content js-saveItemAlreadySaved saveItemAlreadySaved displayNoneImp">
	<span>This comment has already been saved in your <a href="/members-admin/saved-items" target="_blank">Saved Items</a></span>
	<a href="javascript:void(0);" class="bugCloseIcon js-close"></a>
</div>
	</div>

<div class="addRow shareButtons js-sharePopup displayNone">
			<div class="js-shareComment"><span class="js-shareCommentSpan"></span></div>
		</div>
	</div>
</div>

</div>
		<div id="commentText-{commentID}" class="js-text-wrapper commentText withImage">
							<div id="commentBigChart{commentID}" class="replyBigChart displayNone js-comment-chart">
					<img src="https://d1-invdn-com.investing.com/comments_images/{commentImage}" alt="{commentAlt}">
					<i class="newMagnifyChartIcon"></i>
				</div>
				<span id="commentSmallChart{commentID}" class="commentSmallChart pointer js-comment-chart" onclick="openViewChartPopup('{commentID}')">
                    <img src="https://d1-invdn-com.investing.com/comments_images/{commentImageSmall}" width="116" height="52" alt="{commentAlt}">
                    <span class="chartMagnifyOverlay displayNone"></span>
                    <span class="searchGlassIcon chartMagnify displayNone"></span>
                </span>
						<span class="js-text">{commentContent}</span>
			<div class="clear"></div>
							<div class="commentButtons js-not-master-user">
					<a href="javascript:void(0)" class="reply js-reply-btn" data-real-parent-id="{commentID}" data-to-user-name="{username}" data-to-user-id="">Reply</a>
					<div class="inlineblock likeDislikeBox js-like-dislike-box" data-item-id="{commentID}">
	<input class="js-like-checkbox" type="checkbox" name="option" value="Yes" id="like_{commentID}">
	<label for="like_{commentID}" class="like" title="I agree"></label>
	<span class="numOfLikes js-like-count lighterGrayFont">0</span>
	<input class="js-dislike-checkbox" type="checkbox" name="option" value="No" id="dislike_{commentID}">
	<label for="dislike_{commentID}" class="dislike" title="I disagree"></label>
	<span class="numOfDislikes js-dislike-count lighterGrayFont">0</span>
</div>

<div class="reportComment js-flag float_lang_base_2">
                            <a href="javascript:void(0);" id="commentFlag_{commentID}">
                                <span class="reportCommentIcon middle"></span><span class="inlineblock middle">Report</span>
                            </a>
                        </div>
                    				</div>
					</div>
		</div>
    </div>
			</div>
			<div id="show-more-comments">
				<a class="showMoreComments block">
					<span class="arial_12 showArrowafter">Show more comments (<span class="js-amount"></span>)</span>
				</a>
			</div>
			<div id="show-more-replies">
				<a class="showMoreReplies block">
					<span class="arial_12 showArrowafter">Show more replies (<span class="js-amount"></span>)</span>
				</a>
			</div>

Are you sure you want to delete this chart?

Delete Cancel

Post

Replace the attached chart with a new chart ?

Replace Cancel

1000

Comment Guidelines

Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.

Please wait a minute before you try to comment again.

I feel that this comment is:

Spam

Offensive

Thank You!

Your report has been sent to our moderators for review

More Categories

1D1W1M6M1Y5YMax

	US 30	42,673.5	+94.7	+0.22%
	US 500	5,759.9	+21.4	+0.37%
	Dow Jones	42,579.08	-427.51	-0.99%
	S&P 500	5,738.52	-104.11	-1.78%
	Nasdaq	18,069.26	-483.48	-2.61%
	S&P 500 VIX	24.87	+2.94	+13.41%
	Dollar Index	104.040	+0.012	+0.01%

	Crude Oil WTI	66.54	+0.18	+0.27%
	Brent Oil	69.70	+0.24	+0.35%
	Natural Gas	4.276	-0.002	-0.05%
	Gold	2,914.66	-11.94	-0.41%
	Silver	33.210	-0.128	-0.38%
	Copper	4.7845	+0.0097	+0.20%
	US Soybeans	1,027.88	-0.38	-0.04%

	U.S. 10Y	4.251	-0.031	-0.72%
	U.S. 30Y	4.557	-0.022	-0.48%
	U.S. 5Y	4.031	-0.027	-0.67%
	U.S. 3M	4.329	+0.018	+0.42%
	US 10Y T-Note	110.98	+0.20	+0.18%
	Euro Bund	127.80	-0.05	-0.04%
	10-2 Yield Spread	27.17	+1.56	+6.09%

	Apple	235.33	-0.41	-0.17%
	NVIDIA	110.57	-6.73	-5.74%
	Alphabet A	172.35	-0.67	-0.39%
	Tesla	263.45	-15.65	-5.61%
	Amazon.com	200.70	-7.66	-3.68%
	Netflix	906.36	-84.56	-8.53%
	Meta Platforms	627.93	-28.54	-4.35%

Most Popular Articles

Trump signs order to establish Bitcoin reserve, White House crypto... By Investing.com - Mar 06, 2025 30

Trump 'not looking' at stock market, blames globalists for sell-off By Investing.com - Mar 06, 2025 129

Broadcom reports upbeat guidance on booming AI-led chip demand; shares... By Investing.com - Mar 06, 2025

Stock market today: S&P 500 closes lower as tariff jitters fuel... By Investing.com - Mar 06, 2025 112

'We are officially on recession watch', BCA says By Investing.com - Mar 06, 2025 24

More News

3 Recession-Proof Stocks to Consider as Trump’s Tariffs Take Effect By Alessandro Bergonzi - Mar 04, 2025 2

3 Safe-Haven Stocks to Buy Amidst a Global Trade War By Jesse Cohen - Mar 05, 2025 5

Nasdaq 100: Will Dip-Buyers Step in to to Halt This Short-Term Bearish... By Fawad Razaqzada - Mar 06, 2025 15

S&P 500: All Eyes on 200-Day MA - Holding This Level Could Spark... By Fawad Razaqzada - Mar 05, 2025 5

Broadcom Earnings: AI Tailwinds Remain, But Growth Must Outpace... By Damian Nowiszewski - Mar 06, 2025 1

More Analysis

Central Banks Rates

	Central Banks		Interest Rates	Next Meeting
		FED	4.50%	Mar 19, 2025
		ECB	2.65%	Mar 06, 2025
		BOE	4.50%	Mar 20, 2025
		SNB	0.50%	Mar 20, 2025
		RBA	4.10%	Apr 01, 2025
		BOC	3.00%	Mar 12, 2025
		RBNZ	3.75%	Apr 09, 2025
		BOJ	0.50%	Mar 19, 2025
		CBR	21.00%	Mar 21, 2025
		RBI	6.25%	Mar 10, 2025
		PBOC	3.10%
		BCB	13.25%	Mar 19, 2025