Warren Buffett in annual letter: Why to always bet on America
2 months ago
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The “Oracle of Omaha” shared another snippet of his wisdom in his latest annual letter to Berkshire Hathaway investors: “Never bet against America.”
Berkshire CEO Warren Buffett, 90, called the U.S. an unrivaled “incubator for unleashing human potential.”
“Despite some severe interruptions, our country’s economic progress has been breathtaking,” Buffett wrote.
The billionaire’s snippets of wisdom came as his conglomeration announced a 23% rise in quarterly profits to $35.84 billion and a net income of $5.02 billion.
BERKSHIRE HATHAWAY INC.
BERKSHIRE HATHAWAY, INC.
IN WARREN BUFFETT’S ANNUAL LETTER HE ADMITS MAKING THIS ‘BIG’ MISTAKE
Buffett used the latest iteration of his annual publication to highlight some examples of success stories he and his company have seen from middle America over the decades.
“Today, with much of finance, media, government and tech located in coastal areas, it’s easy to overlook the many miracles occurring in middle America,” he wrote.
In Omaha, Neb., where Berkshire is based, Buffett wrote about how a local property-casualty insurance company funded with $125,000 in capital, “somewhat pompously christened as National Indemnity,” overcame handicaps and bigger competitors by taking “odd-ball” policies other companies saw as unimportant. Berkshire acquired the company in 1967.