Buffett fears Berkshire's five-year book value growth rate may underperform the S&P 500 for the first time ever. In 2012, Berkshire's book value per share increased 14.4%, behind the S&P 500's gains of more than 15%.
In a twist to the shareholder meeting, Doug Kass -- head of Seabreeze Partners and a contributor at TheStreet -- will present a case for shorting shares of Berkshire Hathaway.
While Kass will certainly have room to make an argument, and he could even borrow Buffett's words, shorting Berkshire Hathaway shares has made for a disastrous trade over multiple decades.
Kass, who said he is shorting Berkshire's Class B shares and is slightly underwater since initiating the position about a month ago, has bet against the "Oracle of Omaha" before.In March 2008, Kass wrote an article for TheStreet outlining 11 reasons to short Berkshire shares. Subsequently, Berkshire shares fell about 40% amid a collapse in the U.S. financial sector. On Saturday, Kass told TheStreet his participation as a Berkshire bear will add a novel element to the annual meeting. "
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