Berkshire 2012 Letter

Another insightful thoughts from Warren Buffett in his last letter to Berkshire`s shareholders:

(i) he analyzes Berkshire performance in a rolling 5 year window against the S&P;
(ii) highlights the importance of brilliant people at management/board level;
(iii) little lesson on accounting of intangibles;
(iv) recent newspapers acquisitions rationale;
(v) the role of capital allocator and its options: reinvest, distribute dividends & share repurchases.