‘Oracle of Omaha’ Warren Buffett takes swipe at Donald Trump in his annual letter
- The annual letter to shareholders of Buffett’s holding company, Berkshire Hathaway, is considered a must-read on Wall Street
Warren Buffett appeared to fault US President Donald Trump for taking too much credit for the nation’s economic growth, while acknowledging that market conditions are making it tough for his Berkshire Hathaway Inc to find more big companies to buy.
Buffett lamented these states of affairs in his widely read annual letter to Berkshire shareholders.
Accompanying the letter was more bad news, that sinking stock prices and a big writedown for the company’s Kraft Heinz Co investment fuelled a US$25.39 billion fourth-quarter net loss, and caused Berkshire to post its lowest annual profit since 2001.
But many of Berkshire’s more than 90 businesses, such as the Geico auto insurer and BNSF railroad, performed well, and quarterly operating profit rose 71 per cent.
Buffett uses his shareholder letters to focus on Berkshire’s operating businesses, tout the strength of the US economy, and criticise thinking and business practices that get in the way.
The 88-year-old said Berkshire’s success has been in part a product of “the American tailwind” that has enabled the country to enjoy “almost unbelievable prosperity”.