Warren Buffett sounds warning to Washington as Berkshire reports record profit, cash
Berkshire Hathaway on Saturday reported record annual profits even while boosting its cash stake to $334.2 billion, as Warren Buffett used his annual shareholder letter to caution Washington to spend money "wisely" and take care of those who get "short straws in life," , News.az reports citing Reuters.
The 94-year-old Buffett, arguably the world's most famous investor, also acknowledged his advanced age in the letter, telling shareholders he now uses a cane and will spend less time fielding their questions at Berkshire's annual meeting in May.
He nonetheless assured shareholders they would be in good hands after he turns over the conglomerate's reins to Vice Chairman Greg Abel, saying the 62-year-old Abel has "vividly shown his ability" to deploy capital.
Buffett's letter was accompanied by Berkshire's annual report, where it reported a third straight record annual operating profit, rising 27% to $47.44 billion.
Net income totaled $89 billion, including gains from Berkshire's common stock investments such as Apple (NASDAQ:AAPL) and American Express (NYSE:AXP).
Berkshire's cash stake reflected high business valuations and nine straight quarters of the company selling more stocks than it bought, including Apple.
"Often, nothing looks compelling; very infrequently we find ourselves knee-deep in opportunities," Buffett wrote.
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