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Posted on 5 March 2014 | 5:19 am
We are excited for the transition to Berkshire Hathaway in June! We are especially looking forward to the new alignment with Warren Buffet.
Warren Buffett's Berkshire Hathaway sees record profit
The investment firm run by the US billionaire Warren Buffett has reported a record profit for 2013.
Berkshire Hathaway made $19.5bn (£11.6bn) last year, up from $14.8bn (£8.8bn) in 2012.
"On the operating front, just about everything turned out well for us last year - in some cases very well," Mr Buffett wrote to shareholders.
However, it underperformed the S&P 500 share index for the fourth time in the last five years.
"We expect to fall short... in years when the market is strong - as we did in 2013.
"We have underperformed in 10 of our 49 years, with all but one of our shortfalls occurring when the S&P gain exceeded 15%."
He added that the fund had outperformed the stock market between 2007 and 2013 and that through a full six year cycle he expected to do that again.
"If we fail to do so, we will not have earned our pay," he wrote.