On Saturday, Berkshire Hathaway reported record annual profits and increased its cash stake to $334.2 billion, with Warren Buffett emphasizing responsible spending by Washington and support for those less fortunate. The 94-year-old investor addressed concerns about lawmakers potentially worsening economic conditions by extending tax cuts. Buffett acknowledged his age and mentioned that Vice Chairman Greg Abel is poised to take over, praising his capital deployment skills. Quarterly operating profit rose to $14.53 billion, a record high, with net income reaching $89 billion for the year, driven by successful investments like Apple and American Express.
Buffett highlighted Berkshire's commitment to equities over cash, despite not paying dividends since 1967. He emphasized the company's significant federal tax contributions and urged the government to preserve a stable U.S. dollar. With a focus on long-term success, Buffett stressed the importance of supporting those facing challenges in life and maintaining a stable currency.
Analysts noted Berkshire's cautious approach to new acquisitions and its growing investments in Japanese trading houses. Despite Berkshire's stock price growth falling slightly behind market indexes, it has remained a solid investment option. While expressing concerns about the economic landscape, Buffett's annual meeting will feature fewer activities, reflecting his age but also his enduring engagement with various matters.