Saturday, 23 June, 2018

Warren Buffett gained $29 billion in 2017 from Trump's tax reforms

Warren Buffett’s optimism may get tested this year Modal Trigger Berkshire Hathaway CEO Warren Buffett AP
Kelvin Reese | 25 February, 2018, 01:59

Buffett had a mixed reaction to the tax overhaul passed by Congress a year ago.

Over the years, Buffett has lavished equal praise on both, but provided little indication as to his preferences about who he thinks will succeed him.

Warren Buffett's Berkshire Hathaway Inc on Saturday reported a record quarterly and annual profit, benefiting from a lower US corporate income tax rate.

Berkshire Hathaway, the business headed up by legendary investor Warren Buffett, today reported a record annual profit after Donald Trump's tax changes boosted its earnings by more than $29bn (£21bn).

In his much-anticipated annual letter to shareholders, Buffett explained that the company's net gain of $65.3 billion in 2017 was only partly due to his employees' efforts.

The "Oracle of Omaha's" famed annual letter to Berkshire shareholders has become a favourite in the investor calendar but it has attracted heightened interest this year amid rumours that the 87-year-old would unveil plans to step down.

Buffet said that a dearth of "sensible" valuations led it to close nearly no takeovers of companies in 2017, adding that "price seemed nearly irrelevant to an army of optimistic purchasers".

Russia's Su-57 fleet in Syria expands to four stealth jets
Russian Federation and the USA are generally in communication over their positions in Syria in order to avoid clashes. Russian Federation has been lending aerial support to Syria upon a request by Damascus since September 2015.

Why the Internet Is Obsessed With This Olympic Gold Medal Winner's Look
Yun started the day as the top-ranked slider with a time of 1:40.35, setting track and start records at Olympic Sliding Centre. Dukurs only had two gold and three silver in this World Cup season, ending the season as world No. 4.

Files Go adds quicker way of backing up files to Google Drive
Google mobile exec Hiroshi Lockheimer says the first of this breed of smartphone will be unveiled at MWC in Barcelona next week. The objective of Android One was to reduce the uncertainty about what to expect from lower-end Android phones.

At the end of his letter Buffett reiterated that Berkshire will be in good hands after his eventual departure.

Buffett says the asking prices for potential acquisitions reached an all-time high in 2017. Van Damme is also board member of Anheuser-Busch Inbev and Restaurant Brands International.

Its net earnings rose from $24.07 billion in 2016 to $44.94 billion as of December 31.

Turning to investments, Berkshire's Apple holding was up to $28.2B at year-end, second only to Wells Fargo at $29.3B.

A major reason for that decline was a $2.22bn loss from insurance underwriting, Berkshire's first full-year deficit since 2002, hurt by hurricanes Harvey, Irma and Maria and wildfires in California.

Buffett said Berkshire would stick with a 'simple guideline: The less the prudence with which others conduct their affairs, the greater the prudence with which we must conduct our own'. That compares with $548 million gain the previous year.

Buffett touted his win in a bet that he made 10 years ago, in which he basically wagered that a low-priced index fund tracking the S&P 500 stock index would post better returns over the next decade than a portfolio of five fund of funds run by high-fee hedge fund managers, often considered the "smart money" on Wall Street.

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