“I have yet to see a time when it made sense to make a long\u002Dterm bet against America. And I doubt very much that any reader of this letter will have a…
He also urged Americans not to be convulsed by “self-criticism and self-doubt,” saying the country’s dynamism has benefited Berkshire in his 58 years running the company from Omaha, Nebraska, and will do so after he passes the reins.
Berkshire owns dozens of operating businesses including the Geico car insurer, BNSF railroad, and many well-known consumer brands such as Dairy Queen and Fruit of the Loom. Anyone who stuck with Berkshire from 1965 to 2022 saw their shares gain 3,787,464% in value. The Standard & Poor’s 500 rose 24,708% including dividends over that period.Buffett said most of his capital allocation decisions have been merely “so-so,” and Berkshire’s “satisfactory” results over time resulted from only about one dozen “truly good” decisions.Article content
“The current market climate has been, for a lack of a better word, very schizophrenic,” Seifert said. “Buffett is expressing that frustration.” While Biden didn’t call for an end to buybacks, Buffett said those who do are “either an economic illiterate or a silver-tongued demagogue.”
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