In 2017, Berkshire's net worth grew $65.3 billion, boosting its per share book value by 23%, Buffett said in the letter. Buffett details in his annual letter the many business activities that led to that gain - including, he writes, investments in American companies, which helped Berkshire's non-insurance businesses realize a $950 million gain in pre-tax income over 2016.
Berkshire on Saturday reported a record quarterly and annual profit, both of which received a $29.1 billion boost from the recent lowering of the US corporate income tax rate, which reduced its deferred tax liabilities.
"You and I are lucky to have Ajit and Greg working for us", Buffett wrote.
Buffett, in his investor-friendly writing style, also addressed topics like the overpriced market for mergers and acquisitions and his disdain for Wall Street's high investment fees.
Berkshire was sitting on more than $109 billion in cash at the end of the third quarter of 2017.
"Performance comes, performance goes".
The company's full-year earnings shot up 87 per cent to $44.9bn, though Buffett admitted only $36bn came from Berkshire's operations.
Trump tweets denial of woman's claim he kissed her without consent
In fact, The Hill reported that attorney Lisa Bloom, who represented a few of the women who accused Mr. Crooks and two other women were featured on NBC's Today and held a news conference in NY in December.
It's important to remember that even Buffett's Berkshire Hathaway (BRK-A, BRK-B) hasn't been immune to significant swings in its stock price either.
Last year, however, was another good one for Berkshire stockholders, as the company's "A" shares rose almost 22%, vs. a gain of 19.4% for the S&P 500, a broad stock market index. Net earnings per Class A equivalent share attributable to shareholders jumped to $19,790 from $3,823 previous year.
On Friday, Berkshire's Class A shares closed at $304,020.01, having risen above $300,000 a share for the first time ever in December on expectations that Trump's United States tax overhaul would pass into law.
Buffett says using borrowed cash to buy stocks, or "buying on margin", is a no-no for individual investors.
Edward Jones analyst Jim Shanahan says he expected Buffett to devote more of the letter to explaining his decision to promote and name the top two candidates to eventually succeed him as Berkshire's CEO. Berkshire estimates about $3B in losses from those events. The S&P 500 won handily, posting average annual gains of 8.5%, topping all five hedge fund products handily.
"I want to quickly acknowledge that in any upcoming day, week or even year, stocks will be riskier - far riskier - than short-term USA bonds".
- Exynos Galaxy S9 Plus Model Hits Geekbench With 6GB Of RAM
- CDC warning links kratom to salmonella outbreak across 20 states
- Latest update to fix text bug that causes iPhone to crash
- Austin Dillon's Daytona 500 win special for his family and Dale Earnhardt's
- Zagitova stuns Medvedeva to take figure skating gold
- Trump praises NRA, says it will 'do the right thing'
- Slowing online sales and reduced profits worry Walmart investors
- Timberwolves star Butler suffers knee injury
- Electric auto boom prompts Apple to get serious about securing cobalt
- Winter Olympics 2018: Canadian athlete charged with stealing auto