Warren Buffett on Saturday forcefully defended Berkshire Hathaway Inc's dec...
Berkshire ended the year with a $128 billion cash hoard, having made no major acquisitions since paying $32.1 billion in January 2016 for aircraft parts maker Precision Castparts, and Buffett lamented his inability to find big companies to buy.
James Shanahan, an Edward Jones & Co analyst who rates Berkshire a"buy," called Saturday's letter a missed opportunity to show how Berkshire, whose stock has trailed the Standard & Poor's 500“It felt much more businesslike and detached, and lost some of the wisdom that made it so entertaining,” he said.
“If something close to current rates should prevail over the coming decades and if corporate tax rates also remain near the low level businesses now enjoy, it is almost certain that equities will over time perform far better than long-term, fixed-rate debt instruments,” he wrote. In 2018, Berkshire promoted Greg Abel, 57, and Ajit Jain, 68, to vice chairmen, giving them oversight of Berkshire’s non-insurance and insurance operations, respectively, and freeing Buffett and Munger to focus on deploying capital.Combs, 49, on Jan. 1 also became Geico’s chief executive.
FILE PHOTO: Berkshire Hathaway Chairman Warren Buffett and Vice Chairman Charlie Munger are seen at the annual Berkshire shareholder shopping day in Omaha, Nebraska, U.S., May 3, 2019. REUTERS/Scott Morgan
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