Warren Buffett sticks to business, avoids politics in his annual letter

Billionaire investor Warren Buffett told CNBC on Monday his conglomerate Berkshire Hathaway Inc had more than doubled its stake in Apple Inc. since the end of 2016, making it one of Berkshire's biggest equity holdings, and that USA stocks overall were not in "bubble territory". Buffett's investment in Apple now amounts to about 2.5% of the company.

Jain joined Berkshire in 1986, and Buffett put him in charge of National Indemnity's small, struggling reinsurance operation. He said pricing shares of airlines has historically been a "very tough game" and he had never met the chief executives of the four airlines in which Berkshire holds stakes. Berkshire typically invests in what might be called "traditional American companies", and in addition to Coca-Cola, the company also owns sizable stakes in American Airlines, Delta Air Lines, United Continental and Southwest Airlines, as well as San Francisco-based Wells Fargo, Dairy Queen and Fruit of the Loom.

"This country always comes back", Buffett said.

Warren Buffett's Berkshire Hathaway released its closely-watched annual letter on Saturday, in which the Oracle of Omaha told investors that the holding company's investment gains would continue to be "substantial" in the coming years and the US economy would continue its "miraculous" boom.

That's how much billionaire Warren Buffett estimates that investors have wasted on unnecessary fees.

The reinsurance business is run by Ajit Jain, widely considered a potential successor for Buffett as CEO.

Under the agreement, the five hedge funds are not named, but Buffett said he views their annual audits.

People familiar with the matter have previously said that Weschler, 55, studied up on the airline industry a year ago after seeing a presentation from American's CEO Doug Parker, who argued that consolidation had ended the boom-and-bust cycle that had plagued his company and competitors for decades.

On Saturday, Buffett said he has "no doubt" he will win the bet. "Some people have come close to calling [buybacks] un-American - characterizing them as corporate misdeeds that divert funds needed for productive endeavors", Mr. Buffett said.

Warren Buffett, one of the greatest investors in the history of recorded math, has a message for President Donald Trump: America is already great.

In the letter, Buffett provided an update on Berkshire's many businesses, explained the rationale for many of its portfolio picks and discussed wide-ranging investing and economic subjects.

"Americans have combined human ingenuity, a market system, a tide of talented and ambitious immigrants, and the rule of law to deliver abundance beyond any dreams of our forefathers", he wrote in the 28 page letter to shareholders of his massive Berkshire Hathaway conglomerate.

Buffett spoke highly of the iPhone, in particular, saying, "the continuity of the product is huge and the degree to which their lives center around it is huge".

Miles is referring to the fact that the company more than doubled its Apple holdings in 2017.

In a television interview to mark the release of his latest annual letter to Berkshire shareholders, Mr Buffett said he had personally bought more than $8 billion of Apple shares in January. Bill Ackman's Pershing Square waived the performance fee on the first 5 percent of profits for certain investors last fall.

  • Carolyn Briggs