Home >Companies >News >Buffett defends investments in stocks, which fueled record Berkshire profit
FILE PHOTO: Warren Buffett, chairman and CEO of Berkshire Hathaway, (REUTERS)
FILE PHOTO: Warren Buffett, chairman and CEO of Berkshire Hathaway, (REUTERS)

Buffett defends investments in stocks, which fueled record Berkshire profit

  • Buffett made his assessment in his annual letter to Berkshire shareholders
  • The 89-year-old also assured that Berkshire is "100% prepared" for the eventual departures of himself and Vice Chairman Charlie Munger, 96

Warren Buffett on Saturday defended Berkshire Hathaway Inc's decision to invest heavily in the stocks of companies such as Apple Inc, as the conglomerate struggled to find whole businesses to buy.

Buffett made his assessment in his annual letter to Berkshire shareholders, where the 89-year-old also assured that Berkshire is "100% prepared" for the eventual departures of himself and Vice Chairman Charlie Munger, 96.

Berkshire also reported record net income for the year of $81.42 billion, reflecting enormous gains in its common stock holdings, though operating profit fell 3%.

The annual letter has long been eagerly awaited by investors and fans for its straight talk about Berkshire, the economy, investing and other topics.

It has been shorter in recent years, with Buffett saving many of his comments for television interviews and Berkshire's annual shareholder meeting, which is webcast.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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