Buffett: Last year 'subpar' for Berkshire despite profit rise

Warren Buffett has described last year's performance for his Berkshire Hathaway group as "subpar", despite a 45% rise in profits over the period.

In his eagerly anticipated annual letter to investors, Buffett warned in 2013 the growth in Berkshire's book value per share may underperform the S&P 500 when measured over a five-year period for the first time. "To date, we have never had a five-year period of underperformance, having managed 43 times to surpass the S&P over such a stretch," he wrote. "But the S&P has now had gains in each of the last four years, outpacing us over that period. If the market continues to advance in 2013, our streak of five-year wins will end." Buffett said he expects growth in Berkshire's "intrinsi...