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Business News/ Markets / Stock Markets/  Read the full text of Warren Buffett's annual letter to his shareholders
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Read the full text of Warren Buffett's annual letter to his shareholders

Warren Buffett credits Charlie Munger for Berkshire Hathaway's success, advises against listening to Wall Street pundits. Read the full text of Warren Buffett's annual letter to his shareholders here.

Warren Buffett credits late partner Charlie Munger for shaping Berkshire Hathaway. (AP Photo/Nati Harnik, File) (AP)Premium
Warren Buffett credits late partner Charlie Munger for shaping Berkshire Hathaway. (AP Photo/Nati Harnik, File) (AP)

In an annual letter to Berkshire Hathaway shareholders, Warren Buffett paid tribute to his late friend and business partner Charlie Munger, crediting him as the "architect" of the company's success. He warned investors against listening to Wall Street advice and urged them to focus on long-term investing. While acknowledging challenges in finding attractive acquisitions, Buffett assured investors that Berkshire is prepared to deploy its significant cash reserves during market downturns. He showed his confidence in his successor, Greg Abel, but acknowledged concerns about Abel's willingness to make bold investment decisions. The letter also mentioned Berkshire's mixed financial performance with strong results in the insurance sector but underperformance in utilities and the BNSF railroad. Read the full text here

 

The 93-year-old Buffett called his long-time business partner a key driver behind what has become his more than $900 billion, Omaha, Nebraska-based conglomerate.

Also Read | Warren Buffett Pays Heartfelt Tribute: "Berkshire Loses Its Architect, Munger," Leaves Investors Reflecting

"Charlie was the 'architect' of the present Berkshire, and I acted as the 'general contractor' to carry out the day-by-day construction of his vision," Buffett wrote.

Also Read | Warren Buffett's Berkshire Hathaway Achieves Second Straight Record Annual Profit

In his annual letter to Berkshire shareholders, Buffett said Berkshire's insurance businesses performed "exceptionally well" - among them, Geico, where better underwriting quality helped it more than reverse year-earlier losses.

Also Read | Warren Buffett's Annual Letter: 6 Sage Tips for Investors

He said Geico benefited from a willingness to cede market share by writing fewer risky policies, while also cutting advertising expenses.

The cash stake helped Berkshire's insurance businesses, which have $169 billion of so-called "float," generate 38% more investment income in the quarter, as the Federal Reserve boosted short-term interest rates to curb inflation.

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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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Published: 25 Feb 2024, 06:54 AM IST
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