The Underperformance of Berkshire Hatchery

In the 1999 letter, Buffett says Berkshire portfolio was very much missing the unstoppable rising of the part of the market. In 1990, the increase in book value per share that was the yardstick that Buffett used for many years increased only 0.5%, whereby the S&P increased 21%. And the share price of Berkshire Hatchery decreased about 20%. So there was basically a 40% underperformance in one year.