Buffett's Berkshire misses S&P target for first time in 49 years

Warren Buffett's Berkshire Hathaway failed to beat the S&P 500's return last year, meaning it missed Buffett's target of beating the index over a five year period for the first time.

Until now the insurer has managed to achieve its five-year target every year since Buffett (pictured) took over management in 1965. But in 2013, Berkshire Hathaway's book value per share rose 18.2%, while the S&P 500 index surged 32.4% over the same period, This means that over five years since 2008 Buffett has only managed to achieve a 91% return, while the index increased by 128%, fulfilling analysts' predictions that Buffett would fail in his task. In his annual letter to shareholders, Buffett wrote: "We expect to fall short in years when the market is strong - as we did in 2013...