Buffett urged investors to focus on the big picture over the long term, rather than higher inflation and other factors that in 2022 dampened stock prices.
In his annual letter to Berkshire shareholders, the 92-year-old Buffett urged investors to focus on the big picture over the long term, rather than higher inflation and other factors that in 2022 dampened stock prices, though not Berkshire’s.
“I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.” Buffett called 2022 a “good year” for Berkshire, with many of its strongest businesses withstanding pressures from elevated inflation, rising interest rates and supply chain disruptions.
Anyone who stuck with Berkshire from 1965 to 2022 saw their shares gain 3,787,464% in value. The Standard & Poor’s 500 rose 24,708% including dividends over that period. Buffett also said “trust and rules are essential” in running large businesses, even amid the inevitable disappointments, and urged investors not to dwell on near-term market conditions.
Despite paying US$11.5bil in October for the insurance company Alleghany Corp, Berkshire ended 2022 with US$128.6bil of cash, as it became a big seller of stocks including Taiwanese semiconductor maker TSMC late in the year.
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