Warren Buffett praises new Berkshire vice chairmen in annual letter

25 February, 2018, 00:36 | Author: Luis Fowler
  • Trump tax cut fuels record profit for Buffett's Berkshire

Elsewhere in his letter, Buffett said a lack of "sensible" purchase prices had prevented Berkshire Hathaway from making acquisitions in 2017.

It's impossible to accurately know when the next market decline will be, according to legendary investor Warren Buffett.

Berkshire attributed roughly $29.11 billion of its net income to the reduction of the corporate tax rate, to 21 percent from 35 percent, that Trump signed into law in December. Careful decisions and an aversion to debt and speculation has gotten the firm this far - and that's the course it'll stay on, he said.

Despite our recent drought of acquisitions, Charlie and I believe that from time to time Berkshire will have opportunities to make very large purchases.

He also leveled criticism at what he called the "can-do" type of Wall Street CEO, who he said can be over eager to justify gobbling up another company.

Buffett said it is a "terrible mistake" for investors with long-term horizons - among them, pension funds, college and endowments and savings-minded individuals - to measure their investment "risk" by their portfolio's ratio of bonds to stocks.

Treasury yields have been rising since the start of the year, stemming from brewing inflationary pressures and massive bond supply to help fund US President Donald Trump's tax overhaul.

More news: Ronaldo jets off for a break as Madrid head to Leganes

Amateur investors who put their money in low-priced index funds can beat the so-called "smart money" hedge funds charging extraordinary management and performance fees.

"Performance comes, performance goes".

In the departure from past years, Buffett refrained from talking about the direction of the country or economy.

Speculation about Buffett's successor has swirled for years. Kraft Heinz Co said yesterday billionaire investor Warren Buffett has chose to retire from the company's board following the end of his term in April to reduce travel commitments.

The insurance businesses reported an underwriting loss of $2.2 billion as hurricanes and other natural disasters in 2017 weighed on results, leading to the first annual underwriting loss after a 14-year streak of gains, Buffett said in the letter.

Last month, he gave two top executives Ajit Jain and Gregory Abel greater oversight of Berkshire's operating businesses, cementing their status as the front runners to succeed Buffett atop the conglomerate. "Each has been with Berkshire for decades, and Berkshire's blood flows through their veins".


  • Salah takes Liverpool to second, West Brom cut adrift

    Salah takes Liverpool to second, West Brom cut adrift

    Moreover, unlike the first half of the season, West Ham are scoring goals and their attack is showing some sharpness. Firmino then got in on the act - rounding Adrian after the goalkeeper's poor clearance - to make it three.
    Final version of CPTPP pact released; to be signed in March

    Final version of CPTPP pact released; to be signed in March

    Where are the side letters? There will also be a full select committee and parliamentary examination process, Mr Parker says. The so-called Trans-Pacific Partnership is set to go into effect soon without the US after years of negotiations.
    Duchess of Cambridge opts for green as black dresses sweep BAFTAs

    Duchess of Cambridge opts for green as black dresses sweep BAFTAs

    Meanwhile, Middleton was recently criticized at the awards show after she was seen wearing a green dress , and not a black dress. Middleton wore an empire line dress in a deep shade of green, which was complemented by an emerald necklace and earrings.
  • I Screamed, 'Oh My God, it Burns': Eugenie Bouchard

    I Screamed, 'Oh My God, it Burns': Eugenie Bouchard

    Due to her injury, Bouchard also withdrew from the Japan Open, Wuhan Open, China Open and Hong Kong Open in 2015. BC-TEN-Bouchard-USTA, 1st Ld-Writethru, 114Settlement reached in Canadian tennis player's suit vs.
    USA  in curling final after upset

    USA in curling final after upset

    That streak would come to an end thanks to a shootout and the US came out on top. "He (Shuster) played good". The eighth was the only stolen end for either team in the game, but proved to be the difference maker.
    Driver crashes into CT  hospital, sets self on fire

    Driver crashes into CT hospital, sets self on fire

    The Connecticut State Police Bomb Squad responded and the hospital went into "emergency operations mode", reports WFSB . After crashing through the emergency room sliding doors, Ellam exited the burning auto and was engulfed in flames.
  • Hogan long-shot to become Deputy PM

    Hogan long-shot to become Deputy PM

    The leading contender in the race to become the new leader is Michael McCormack from the NSW seat of Riverina. The Nationals, the traditional party of farmers and rural voters, will select a new leader on Monday.
    Paul Merson states his prediction for Man United v Chelsea FC

    Paul Merson states his prediction for Man United v Chelsea FC

    He took just 10 seconds to be ready, showed professionalism and in spite of being on bench he was ready to play and he did. Chelsea head coach Antonio Conte has won three of his four meetings in all competitions against Jose Mourinho (W3 L1).
    Lakers' Lonzo Ball back tonight after knee injury

    Lakers' Lonzo Ball back tonight after knee injury

    Also, the Lakers coach chose to see how Ball and new addition Isaiah Thomas would play together for the first time this season. We had a couple more to go in case that game got close again, we were going to save a couple of minutes.
  • Trump Reportedly Scheduling Military Parade for Veterans Day

    Trump Reportedly Scheduling Military Parade for Veterans Day

    McMaster has fallen out of favor with President Trump and that the White House wants him out as National Security Advisor. The task of easing McMaster out of his role as national security adviser presents a unique challenge for the White House.
    UNSC tries again for vote on Syria ceasefire

    UNSC tries again for vote on Syria ceasefire

    Meanwhile, the rebels also intensified mortar shelling on the capital, killing dozens of people and wounding many others. Due to the fact that more than ten hospitals came under air strikes, to treat the wounded nearly impossible.
    Wreckage of crashed Iranian plane found in Isfahan

    Wreckage of crashed Iranian plane found in Isfahan

    Iran has been facing sanctions on purchase of new aircraft and spare parts forcing to use old passenger aircraft. Several flights from Tehran were disrupted Sunday due to bad weather, according to IRNA.


Winter Olympics: Doping Case Overshadows Russia's First Gold Medal At Pyeongchang Games
Deadspin found a video from before the Olympic Games that makes Sergeeva's positive test even more embarrassing. Russian officials, for their part, are pinning these new doping allegations exclusively on the athletes.

Snow, Wind Coming to Northern Arizona With Next Storm
The counties impacted in Wisconsin include Barron, Chippewa, Dunn, Pepin, Pierce, Polk, Rusk and St. Benton, Sherburne and Wright Counties have been included in a Winter Storm Warning for Saturday .

White House: Role of Kushner unaffected by security clearance
Porter had been operating on an interim security clearance for a year before he left over allegations that he abused his ex-wives. The information was discovered in the course of Kushner's background check, The Washington Post reported on Friday.

Timberwolves' have 'hope' surrounding severity of Jimmy Butler's injury
In their previous three meetings, Houston overwhelmed Minnesota from beyond the arc, making 19.5 3-pointers per game. Andrew Wiggins led Minnesota with 21 points, Jeff Teague and Karl-Anthony Towns finished with 18 points apiece.

Gartner reports first-ever drop in smartphone market for Q4
Apple dropped 5 per cent in the quarter to 73.17 million and the company should make up sales in the current quarter, said Gupta. According to Gartner's Gupta, the later availability of the iPhone X and component shortages its performance was overshadowed.

US looking at potential new sanctions against Russia
Trump has previously railed against top officials within America's intelligence agencies as being biased against him. It's arguable whether he did enough - even some Democrats say Obama should have taken the threat more seriously.

Intel Partners With PC Makers To Bring 5G To Windows Laptops
Commercial 5G connections could reach as many as 1.1 billion people by 2025, according to a GSMA study released a year ago . As of September 2017, all of Intel's modem solutions for PCs support eSIM in enterprise and consumer segments.

Janelle Monae Drops Two New Videos, 'Dirty Computer' Album Due April 27
In it, Janelle Monae dons an array of colorful costumes as she hits da club with Tessa Thompson . Dirty Computer is officially slated to drop on April 27 on Wondaland Records.

NYU slammed over racist Black History Month menu
Sophomore Nia Harris, who is black , said the head cook dismissed her objections and told her black employees planned the menu. He said he was "shocked" by the menu choices, with Aramark adding that it had suspended its catering director.

Cavs, Warriors ready to chase in NBA's sprint to the finish
While James has left Cleveland before, leaving his hometown team might tarnish his legacy there once again. USA Today's Jeff Zillgitt , the Sixers plan to position themselves as strong suitors for James.