Warren Buffett's bet on Bank of America and a more-generous buyback plan helped his Berkshire Hathaway beat the Standard & Poor's 500 Index in a year when he didn't make a major acquisition.
Class A shares advanced 17 percent last year, beating the 13 percent gain in the S&P 500. The company is also poised to extend its record of outperforming the equity benchmark on Buffett's favored scorecard: the change in book value per share over time.
Buffett's stock picks and acquisitions have expanded Berkshire's book value, a measure of assets minus liabilities, more than 5,000-fold since he took control of the company in the 1960s.
- Bloomberg News