Warren Buffett\\\'s Berkshire Hathaway sees record profit

Warren Buffett has reported a record profit for 2013, reports BBC.  Berkshire Hathaway made $19.5bn (£11.6bn) last year, up from $14.8bn (£8.8bn) in 2012.
"On the operating front, just about everything turned out well for us last year - in some cases very well," Mr Buffett wrote to shareholders. However it underperformed the S&P 500 share index for the fifth year in a row.
Fortunately, my blunders usually involved relatively small acquisitions". Warren Buffett Chairman, Berkshire Hathaway.
The growth in the company's book value - that is the company's assets minus its liabilities and Mr Buffett's preferred measure of Berkshire's performance - was 18.2% in 2013, while the S&P 500 rose 32.4%.
But Mr Buffett said that was to be expected when the S&P performed well.
"We expect to fall short... in years when the market is strong - as we did in 2013.
"We have underperformed in 10 of our 49 years, with all but one of our shortfalls occurring when the S&P gain exceeded 15%."
He added that the fund had outperformed the stock market between 2007 and 2013 and that through a full six year cycle he expected to do that again.