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The Boston Globe

Business

Warren Buffett says 2012 was ‘subpar’ for Berkshire

OMAHA — Warren Buffett said last year was ‘‘subpar’’ for his company because Berkshire Hathaway’s value trailed the overall market, but shareholders will likely be pleased with the 45 percent increase in profit Buffett delivered.

Buffett sounded optimistic in his annual letter, which was released Friday, even though 2012 was only the ninth time in the past 48 years that Berkshire’s book value per share failed to outpace the S&P 500.

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