Warren Buffett backs stocks over bonds

Warren Buffett backs stocks over bonds

Warren Buffett backs stocks over bonds

The long-time bull on USA companies and the economy issued his latest letter to Berkshire Hathaway Inc shareholders on Saturday.

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.

And according to Buffett's annual investor letter on Saturday, it detailed that Apple Inc. I found so many nuggets of wisdom - which formed part of a series of posts I wrote titled 'The Buffett Series'.

On this, Buffett said his aversion to leverage might have dampened Berkshire's returns over the years, but it made him and Berkshire's Vice-President Charlie Munger, 94, sleep well.

The year also saw the company's war chest swell to $116 billion in cash and US Treasury bills, financial manna that Buffett wants to use to make significant new acquisitions.

The three announced last month a venture created to cut health costs and improve services for their USA employees. Buffett didn't discuss many details of the plan Monday. Teva has lately hovered around $20 a share, after tumbling from more than $30 last Spring to as little as $11 in November on disappointing sales and profits.

Kraft Heinz also got a big positive impact from the reduction of corporate income tax rates, and Berkshire listed that savings separately from its other positive impacts from tax reform. "Hopefully we can find a way where perhaps better care could be delivered even at a somewhat lesser cost".

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Given that paltry yield, Buffett and Protégé made a decision to sell the bonds and instead purchase Berkshire B shares. For Apple, Buffett's holding constitutes only 3.3 percent of the company. CEO Warren Buffett isn't going that far in his critique.

Buffett explained that float comes with risk bearing responsibilities, saying, "The downside of float is that it comes with risk, sometimes oceans of risk".

"I have warned you, however, that we have been fortunate in recent years and that the catastrophe-light period the industry was experiencing was not a new norm".

Buffett said in his letter that it was a rough year for dealmaking and that he needs to make one or more "huge" acquisitions to expand his non-insurance operations.

Berkshire investment executive Todd Combs is "looking for the right CEO" to head the initiative that Berkshire is starting with Amazon and JPMorgan Chase, Buffett said.

One is Wells Fargo & Co, the third-largest US bank, which was surprisingly ordered this month by the Federal Reserve to curb asset growth while it tries to rebound from scandals over how it treated customers.

That surprised John Fox, chief investment officer at FAM Funds, which holds Berkshire stock. Those include large stakes in Coca-Cola and American Express.

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