Warren Buffett on Saturday signaled he will stick to his knitting, bemoaning the lack of good investment opportunities for Berkshire Hathaway Inc as it sits on a massive pile of cash even after repurchasing a huge amount of its own stock.
"He is offering a story of a multifaceted growth engine," said Tom Russo, a partner at Gardner, Russo & Quinn in Lancaster, Pennsylvania, a longtime Berkshire investor. "The primary message is that Berkshire has found some magnificent businesses, so let's celebrate them."
"Buffett's patience and discipline enabled him to make what is in essence the largest acquisition in Berkshire's history, its own stock, at a substantial discount to its current market price," said Jim Shanahan, an analyst at Edward Jones & Co.In his letter, Buffett touted what he called Berkshire's "four giants" including its massive insurance operations, BNSF, Berkshire Hathaway Energy and the Apple stake.
"Deceptive 'adjustments' to earnings -- to use a polite description -- have become both more frequent and more fanciful as stocks have risen," Buffett wrote. "Speaking less politely, I would say that bull markets breed bloviated bull...." Buffett also pledged to keep more than $30 billion of cash on hand, after long saying $20 billion was the minimum. That still leaves plenty available for the right acquisition.
Abel, 59, would become Berkshire's chief executive if Buffett were unable to continue. Portfolio managers Todd Combs and Ted Weschler, who invest $34 billion, are in line to oversee Berkshire's stock investments.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Berkshire's operating earnings surge as Buffett repurchases record $27 billion in stock during 2021Berkshire used $6.9 billion to buy back shares in the fourth quarter, bringing the total in share repurchases to a record $27 billion for 2021.
Read more »
Warren Buffett in annual letter calls Apple one of 'Four Giants' driving the conglomerate's valueIn his annual letter to Berkshire shareholders on Saturday, Buffett called Tim Cook's Apple his 'runner-up Giant' next to the cluster of insurers.
Read more »
Berkshire Hathaway posts higher profit, extends buybacksWarren Buffett's Berkshire Hathaway Inc on Saturday said fourth-quarter profit swelled, boosted by improved operating results and investment gains, and that it bought back an additional $6.9 billion of stock in the quarter.
Read more »
Inside creepy network of ‘spy apps’ that secretly track and monitor peopleStalkerware apps can trace keystrokes, track the device’s location, screen record the user’s every move, or even access the device’s camera in real-time.
Read more »
EU Squabbles over Including Handbags, Diamonds In Weak SanctionsDespite tough talk over Russia’s invasion of Ukraine, the European Union is squabbling internally over whether to include luxury goods and diamonds in sanctions, while there is reluctance on all sides to restrict energy imports.
Read more »
Moore Kismet Highlights the 5 Black Creators Who Keep Inspiring Their MusicThe fast-rising DJ gets real about their record-setting year, the state of the dance scene today, and names the artists who get them to “keep thinking outside of the box.”
Read more »