Berkshire Hathaway shares outperformed the S&P 500 from 1965 through 2022, achieving a 19.8% compound annual gain versus 9.9% for the broad market index, Chairman Warren Buffett noted in his annual letter to investors Saturday.

The billionaire investor attributed the company’s performance over the decades to “about a dozen truly good decisions,” good luck that saved him from some bad ones, shareholders holding on to their earnings, and the firm’s long-term investing strategy.

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