Munger Says Buffett Owes No Apology for Missing Target
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Warren Buffett doesn’t owe shareholders an apology for falling short of a performance goal at his Berkshire Hathaway Inc., Vice Chairman Charles Munger said at the company’s annual meeting.
Munger said Buffett set a high bar with a target of boosting Berkshire’s net worth more than the advance of the Standard & Poor’s 500 Index over a five-year period. Berkshire fell short in the stretch that ended Dec. 31, and Buffett said in a March report to shareholders that performance should instead be measured over the course of stock-market cycles.