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In
his annual letter to shareholders, the 93-year-old investing
legend reassured investors that Berkshire was 'built to last',
but toned down expectations, saying it did not have many
lucrative investment opportunities left.
He said Berkshire would perform slightly better than the
"average American corporation", but anything beyond that is
"wishful thinking", even as it had a cash pile of $167.6
billion.
Berkshire's Class B stock, which carry higher voting rights and
whose value was 1/1,500th of Class A shares, was trading at
$435.50. Investors closely watch Berkshire as its results are
often seen as a bellwether for the U.S. economy.
"There remain only a handful of companies in this country
capable of truly moving the needle at Berkshire, and they have
been endlessly picked over by us and by others... All in all, we
have no possibility of eye-popping performance," Buffett wrote.
He also mourned the passing of his longtime second-in-command
Charlie Munger in his annual letter, while assuring investors
that vice Chairman and designated successor Greg Abel was "ready
to be CEO of Berkshire tomorrow."
Berkshire's annual operating profit climbed 21% to $37.4 billion
on improved underwriting and higher investment income from the
insurance segment. Operating profit for the fourth quarter also
came in ahead of analysts' expectations.
(Reporting by Niket Nishant in Bengaluru; Editing by Arun Koyyur)
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