Warren Buffett Still Has Plenty of Confidence in the American Economy

Warren Buffett Still Has Plenty of Confidence in the American Economy

Over the years, Buffett has lavished equal praise on both, but provided little indication as to his preferences about who he thinks will succeed him.

Behring also said the board looks forward to continuing its partnership with Buffett's Berkshire Hathaway.

" At the end of 2017, Berkshire had more than $116 billion in cash and cash equivalents, up from almost $87 billion at the end of 2016".

Berkshire's gain in net worth during 2017 was $65.3 billion which increased per-share book value by 23% since yearend 2016 to $211,750 per Class A equivalent share ($141.17 per Class B equivalent share).

"We expect Buffett's annual letter to reassure investors that his health remains remarkable and he intends to be around for awhile", said Cathy Seifert, equity analyst at CFRA Research in NY. "The remaining $29 billion was delivered to us in December when Congress rewrote the US Tax Code".

"In our search for new stand-alone businesses, the key qualities we seek are durable competitive strengths; able and high-grade management; good returns on the net tangible assets required to operate the business; opportunities for internal growth at attractive returns; and, finally, a sensible purchase price", Buffett said.

"P$3 rices for decent, but far from spectacular, businesses hit an all-time high" previous year, he wrote.

"There is simply no telling how far stocks can fall in a short period", Buffett said.

Little support for James as Cavs fall
However, he didn't quite get the production from the supporting cast that he had received in the last couple of games. James almost had another triple-double scoring 32 points, grabbing nine rebounds, and dishing out eight assists.

For all of 2017, Berkshire's net income rose 87 percent to $44.94 billion.

"If Wall Street analysts or board members urge that brand of CEO to consider possible acquisitions, it's a bit like telling your ripening teenager to be sure to have a normal sex life", he wrote.

Berkshire's overall performance was hurt by an after-tax $2.2 billion loss in its insurance underwriting unit, which had to pay out large claims following Hurricanes Harvey, Irma and Maria, as well as for natural disaster victims in Mexico and people hurt by California's wildfires.

This also benefited from the tax law change.

Morgan Stanley estimates that Berkshire could see an earnings boost of as much as $35 billion in last year's final quarter.

Buffett says a 10-year bet he made with a group of hedge funds shows why investors should be wary of fees and focus on investing regularly for the long term.

Buffett urged investors to stick with stocks even though they can be riskier in the short-term.

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