(May 3, 2014) Buffett explains why he, as a member of Coca-Cola's board, abstained on a vote approving an executive compensation plan he thought was "excessive." He also argues that CEO's salaries should be kept secret, criticizes some activist investors for their short-term goals, and rejects the view that corporate taxes are too high.
For a second year, Berkshire's per-share book value underperformed the S&P 500, but not by much. It was up 10.5 percent vs. the benchmark index's 10.9 percent gain. In his annual letter, Buffett wrote he ""struck out"" on several potential multi-billion dollar acquisitions, on top of finding only a few attractive stocks to buy. As a result, Berkshire ended the year with $43 billion in cash, ""not a happy position."READ 2013 LETTER (DATED FEB. 28, 2014)