Investment guru Warren Buffett is heading for his worst year relative to the rest of the US stock market since 2009, with shares in his conglomerate Berkshire Hathaway down 11.5 per cent with two more trading days to go.
The underperformance comes in Mr Buffett’s golden anniversary year at the helm, when he told investors for the first time that they should judge his record on Berkshire’s share price, rather than just the book value of the company — his preferred yardstick for decades.
Mr Buffett urged them to make that judgment based on the long term, rather than on a single year, reflecting investor Benjamin Graham’s view that the stock market may be a “weighing machine” in the long run, but in the short term it is a “voting machine”.
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